Daily Times

The cryptocurrency market turned bearish on Friday, with market capitalisation dropping 0.4 percent to $1.89 trillion. As of 1230 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price decreased by 1.31 percent to reach $40,423. With this decrease in price, the market capitalisation of the biggest crypto has reached $765.5 billion. Bitcoin has gained 2.5 percent during the last seven days.

Ether, the world’s second-largest cryptocurrency by market capitalisation, surged by 0.28 percent to reach $2,804. With this increase in price, the market capitalisation of ETH has reached $330 billion. Ether has gained 7.4 percent of its value over the last seven days.

However, XRP price decreased by 1.47 percent to reach $0.781. The market capitalisation of XRP stands at $78 billion with this decrease. XRP has gained 5.9 percent during the last seven days. Similarly, Cardano (ADA) price dipped by 2.14 percent to reach $0.827. Its market capitalisation has reached $27.3 billion with this decrease. ADA gained 2.6 percent in the past seven days. Following suit, Dogecoin (DOGE) price decreased by 2.39 percent to $0.115. With this decrease in price, the market capitalisation of DOGE has reached $15.2 billion. DOGE has lost 1.8 percent during the last seven days. Meanwhile, Russia’s invasion of Ukraine could be a catalyst for cryptocurrencies, positively and negatively. Both Russia and Ukraine are grappling with economic turmoil due to the war, prompting residents to try to shelter assets in cryptos as their sovereign currencies lose value and face more instability.

Ukraine’s President Volodymyr Zelensky signed a law on Wednesday to create a legal framework for cryptocurrencies in the country, providing legal cover for exchanges and banks in the country to process transactions. Crypto donations to Ukraine have hit $64 million from 120,000 people, according to blockchain analytics firm Elliptic. Crypto demand also appears to be rising in Russia, judging by higher volumes in ruble/Bitcoin trading. Russians are using cryptocurrencies to “bypass oppressive capital controls” and a devalued ruble, according to a recent blog post by Elliptic.