Bitcoin price rose slightly on Wednesday. The world’s largest cryptocurrency by market capitalisation, increased 3.21 per cent in the last 24 hours to $37,723.86 at 0845 hours, according to CoinMarketCap. As the tension between Ukraine and Russia rise, analysts predict that the cryptocurrency may slide towards the key $30,000-mark. It must be noted that Bitcoin lost nearly 15 per cent in the last seven days.
Ether, the second most popular cryptocurrency jumped 3.39 per cent in a day to hit $2,614.60, according to CoinMarketCap. On a weekly basis, Ether dropped over 17 per cent.
Bitcoin slid below $40,000-level over the weekend as the Ukraine-Russia conflict had intensified. On the other hand, gold price jumped to its highest level since June, last year. Analysts has mentioned that Bitcoin may tumble further to drop below $30,000 as traders is expected to favour gold now.
On cryptocurrency outlook, Edul Patel, CEO and co-founder, Mudrex- A Global Crypto Trading Platform said, “Bitcoin and Ethereum are trading below $38,000 and $2,700 levels for another consecutive day. Bitcoin’s lower support price ranges from US$30,000 to US$35,000. If the Bitcoin goes below these support levels, it may go back to the trend in 2018. According to the market cap, most of the altcoins are running in the red. The downward trend in the crypto market since a few days is due to the ongoing tensions between Russia and Ukraine.”
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