Bitcoin has stabilized after hitting a two-week low Monday morning. Analysts point to geopolitical tensions between Russia and Ukraine as the catalyst for the choppy price action. LedesmaLyllah reports.
“It seems like a full ‘de-risk’ across the board, presumably a flight to cash as it's hard to find an asset that is actually performing against the current uncertainty,” said Jason Deane, an analyst at Quantum Economics. “Markets could be very messy if military action actually does transpire.”
Ethereum, the second largest cryptocurrency, has lost 6.8% over the last seven days, struggling to stay above $2,700. In contrast, metaverse and gaming-related tokens are mostly higher on the day. Axie Infinity , the leader in crypto’s still-nascent “play-to-earn” sector, is trading up 5% in the last 24 hours.
The advance comes as the game surpassed $4 billion in lifetime sales of non-fungible tokens , according to data from DappRadar. The game was launched in 2018 and now has a market capitalization of $3.2 billion.DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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