JAKARTA, KOMPAS.com – The crypto asset market looks gray today, Monday (28/2/2022) in contrast to the previous one which experienced a strengthening.
Reported from Coinmarketcap this morning the 10 largest market cap crypto assets moved in the red in the last 24 hours.
The value of the weakest cryptocurrency this morning, was Terra (LUNA) which fell 6.9 percent at the position of 72.6 US dollars per chip.
Also read: Ukrainian Soldiers Get a Donation of IDR 5.72 Billion in Bitcoins
Following Ethereum (ETH) which fell 5.7 percent at the position of 2,621 US dollars. Then, Solana (SOL) in the position of 85.5 US dollars or down 5.03 percent.
Dogecoin (DOGE) also weakened 3.6 percent at 0.12 US dollars.
Bitcoin (BTC) and Binance Exchange (BNB) also followed with declines of 3.5 percent at the level of 37,709 US dollars, and 360.5 US dollars.
Also read: Bitcoin is Secretly Used to Donate Ukraine, Check out Crypto Prices Today
Following that, Cardano (ADA) was in the position of 0.8 US dollars with a decrease of 3.3 percent, and 2.9 percent in the Polkadot crypto asset (DOT) to 17.4 US dollars.
This morning, Tether (USDT) was up 0.01 percent at $1, while USD Coin (USDC) was down 0.03 percent at $0.9.
For information, USDT and USDC are crypto currencies of the stable coin class or types of cryptocurrencies created to offer stable prices against the US dollar.
Also read: CoFTRA Tightens Bitcoin Trading Supervision and Friends, This Is What the Crypto Traders Association says
US sanctions on Russia
The drop in the price of crypto assets is not free from a series of sanctions imposed by US President Joe Biden on Russian President Vladimir Putin and Foreign Minister Sergey Lavrov.
Biden reacted to the Russian military operation by announcing several rounds of sanctions against major Russian banks and the country’s debt.
The sanctions were carried out by the US and its allies by removing large Russian banks from the international payment system, SWIFT and freezing Russia’s central bank access to foreign currency reserves.
“That means there will be a catastrophe on the Russian currency market,” said Russian economist Sergei Aleksashenko.
Bitcoin price may fall
Mikkel Morch, executive director at digital asset Fund ARK36 reveals Bitcoin’s extreme price volatility, breaking the narrative that bitcoin is an asset safe havenwhich is generally a ‘runaway’ for investors in times of global uncertainty.
“Unlike the major stock indexes, bitcoin hasn’t really hit a lower low (this week). This little detail can be very important in terms of the conversation around bitcoin as a safe haven asset,” said Mikkel Morch.
Meanwhile, Alex Kuptsikevich senior financial analyst at FxPro said, if the situation in Ukraine heats up, Bitcoin may fall to as low as $30,000, as investors will turn to defensive assets.
“If the situation in Ukraine heats up, Bitcoin may fall below the $30,000 level, as investors go for defensive assets. But, Russia can use cryptocurrency to avoid sanctions. Otherwise, the country will not survive the increasing sanctions pressure from Western countries,” Alex said.
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