Cryptocurrency Investing: Prices Show Sign of a Bottom

TIM THOMAS TIM THOMAS Learn more

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There were a fair few cryptocurrencies that performed badly too. CVX went down 24.7%, BIT by 16.7%, and HEART by 12.9%. Many others saw substantial declines.

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Yet it was good news for investors of the big names. The BTC price increased by 5.6%, ETH by 6.7%, and SOL by 5.1%, with various others also enjoying a successful week.

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At first, you might think the state of the world right now has little to do with the world of cryptocurrencies, but they’ve actually featured in many major stories. Russian-born Ethereum founder Vitalik Buterin has made headlines for his comments against the Russian regime.

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Plus, the Ukrainian government has asked for donations in the form of bitcoin and ethereum — millions of dollars worth of cryptocurrencies has been raised already. As the world discusses sanctions against Russia in the form of blocking SWIFT transfers, it also shines a light on the role of centralized financial institutions in our lives.

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BTC’s price dropped at first amid the madness — proving that it’s far from being a safe haven asset like gold, which reached high points when the news of war loomed. However, BTC’s price recovered after the first few days, as reflected by its net increase over the last week.

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