The entire crypto market is facing the heat and the global security market. The Russia Ukraine war has engulfed the world with fear and uncertainties. Total Marketcap of Crypto, A significant indicator that measures pulses of the crypto market, has down by 8% in a couple of days.
In two days, the total crypto market cap has declined from $1.82 trillion to $1.68 trillion. The market cap was spiked momentarily after the news that the US president signed an executive order of Crypto led the entire digital assets market upward. However, the news could not hold the momentum for a longer time to pull the crypto market from the ongoing bearish wave.
Continuation of Market Correction
As the outcome of this ongoing military conflict is still beyond political experts’ understanding, the cryptocurrency market is facing a continued sell-off. Bitcoin, the top cryptocurrency, has been down up to 10% in the past two days; most of the important coin’s prices declined by 5% leading to a shrink of the total crypto market cap.
As far as technical indicators are concerned, the market is still not preparing for a boost to end the month’s prolonged bear market. The volume on major exchanges has registered a record low as users move their funds to a private wallet.
Crypto: Good Vs. Bad
The market sentiment is going through a turbulent phase as Crypto has been put forward as a tool to evade sanctions by Russia. Crypto has helped Ukraine raise donations of Tens of millions of dollars in cryptocurrencies, majorly in Bitcoin, Ethereum, and Dogecoin.
Ukraine’s Digital minister Mykhailo Fedorov has accepted the advantages of digital assets and praised Crypto for quickly collecting and disbursing the funds while banks are not operating properly because of war. At the same time, Crypto has been brought under skepticism as an unlawful tool that Russia could use to evade the economic sanctions imposed by The US and European Union to cripple its economy and force for a ceasefire.
The bear market is expected to continue until the end of the Russia Ukraine military conflict. Until the market sentiment turns green and volume swells up in the exchanges, the market may continue going sideways without significant price changes.
CoinFea Explainer
What is total crypto market cap?
Total crypto market cap is an aggregated value, shows the total worth of all cryptocurrencies in real time.
What is Market Correction?
A market correction is referred to an overall market decline by nearly 10%. It differs from the bear market in the magnitude of total downward movement.