The global cryptocurrency market fell 4.71 percent over the last 24 hours to $1.90 trillion. The volume of trading fell 11.40 percent to $61.69 billion.
Stablecoins accounted for 77.69 percent of the 24-hour cryptocurrency trading volume at $47.92 billion, while decentralized finance (DeFi) accounted for 13.68 percent at $8.44 billion.
On the morning of February 18, Bitcoin’s market domination declined by 0.43 percent to 41.55 percent, and the currency was trading at $40,782.87.
Bitcoin’s Chart Bearish Till $50K
As increased worries of a Russian invasion of Ukraine impacted global markets, especially risk assets, Bitcoin slipped below $41,000, challenging its 50-day moving average. Polkadot led a slump in smaller-cap tokens, often known as altcoins, as the largest cryptocurrency on the market plummeted as high as 7.4%, while Ether, the second-largest token, plunged 8.2%.
The Federal Reserve issued minutes from its January meeting on Wednesday, reiterating its aim to act quickly to combat rising inflation by tightening monetary policy. Markets looked to be anticipating the position, with a mixed or subdued reaction. Bitcoin, which has recently shown a significant link to stock market movements in the United States, even climbed with the S& P 500 in the minutes following the memo’s release.
Despite recent losses, the world’s largest cryptocurrency continues to grow in terms of active users. The statistics might indicate that the currency is on the verge of significant recovery from recent losses, signaling the conclusion of the Bitcoin bear cycle.
The recent legalization of marijuana in Russia and Ukraine may result in an inflow of new users, which might lead to long-term benefits for the currency. According to the statistics, active user activity on the Bitcoin network is substantially more than in previous bear cycles. To begin with, this means that bear cycles are longer than prior ones. Bitcoin has been range-bound over the last three weeks, settling between $40K and $45K. Although some have predicted that the Bitcoin price would reach $100,000 by the end of 2022, it is still a long way off.