Cryptocurrency is at the helm of the financial market with numerous people involved in the trade. From everyday people to investing sharks, everyone has their hands in the virtual part of the market. With numerous currencies like Bitcoin, Dogecoin, and Ethereum, the market is more popular than ever before.
However, that is not all. Recently, the crypto market has faced a lot of fluctuation and as with all investing markets, is affected by socio-political factors. Keep reading to find out what exactly influenced the Bitcoin prices.
Shiba Inu Sees Double-Digit Losses as Bitcoin Drops Below $38,000 – https://t.co/EKWZPTidkX
The cryptocurrency crash has deepened, with meme cryptocurrency Shiba Inu underperforming comparing to… pic.twitter.com/ox8VavIQBs
— PumpMoonshot (@PumpMoonshot) February 20, 2022
Bitcoin and Crypto Drop
As of writing this article, Bitcoin has dropped below 38,000 dollars accompanied by other cryptocurrencies like Shiba Inu and Ethereum. According to Economic Times, apart from Avalanche, all other cryptocurrencies have faced a decline. Avalanche had a 6% increase whereas Shiba Inu is seeing double-digit losses.
Ethereum, owing to the drop in Bitcoin has also shed about 7% of its value. Although there are significant drops in the value of cryptocurrencies, the future doesn’t look too bleak. There have been certain incidents that would only add to the potential growth of the industry and they are discussed below.
Super Bowl Crypto Contribution
The Super Bowl obviously draws in millions of viewers and this year’s play-off saw the impact of cryptocurrency in the sought-after event. Crypto platforms like Coinbase, Crytpo.com, FTX, and eToro spent mind-boggling amounts in advertising in the event. An eye-catching QR code advertisement by Coinbase led to a crash of their website but also brought in a 309% increase in installs, (source: Economic Times).
Ukraine and Bitcoin
The story of the most famous cryptocurrency doesn’t just end there. There is also a strong political influence in the Bitcoin market. As we are all aware of the tensions between Ukraine and Russia, there has been a significant change in the way Ukraine’s business is operating. Ukraine is one of Europe’s biggest places for Crypto trading and the country has now legalized the BTC for usage.
Other cryptocurrencies have been legalized along with Bitcoin and the step has been taken in order for businesses to run under a legal, regulated scope. Although, it is important to point out that even if Bitcoin is legalized, it is still not legal tender in Ukraine.
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