Bitcoin Drops Below $39,000 As Crypto Markets Tank Over The Weekend

Cryptocurrency markets were hit by a sudden fall over the weekend, with the global market cap dropping 3.80% in just 24 hours and now sitting at $1.73 trillion. 

Bitcoin fell by 3.44% in the last 24 hours to $38,168 per coin. The second-largest token by market cap after bitcoin, Ether also showed in red by 4.8% decline. 

It seems the USDC stable coin is doing better than its counterpart, as it only declined by 0.05 percent in value compared to last day’s movements while USDT saw no difference at all.

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The two tokens are pegged to the US dollar, which means they’re incredibly stable.

The cryptocurrency market was not immune to the recent slide inequities. For example, the Binance token dropped by 4%. XRP also fell roughly four percentage points over that time period too.

The token, Terra Luna, has experienced a whooping 9.60% decrease in value over the course of 24 hours, but it’s notable to mention that 7.3% were actually up compared with their Monday levels.

The Cardano and Solana tokens tumbled today, with the ADA token losing over 6% in value and SOL by 7.2%.

The prices for some of the most popular cryptocurrencies feel pressure as they remain heavily correlated. For example, the Avalanche token is currently ranked tenth in terms of volume and has fallen 6.9%.

Like many other cryptocurrencies, Dogecoin and Shiba Inu were also hit by the slump. They dropped 3.9% and 4.3%, respectively.

With most cryptocurrency markets showing a decline, some coins have gained an enormous rise. The biggest risers of the day were Meta Speed Game which skyrocketed by 575%. Sakura Bloom Token rose 359%. Other notable gainers include Parody Memes like Alien Shiba Inu (upsize 200%) and Peace Doge, whose value increased by 203%.

The market was not kind to blockchain enthusiasts as prices for popular tokens like the ASIX and Doge Rise Up fell by over 80% last 24 hours. Other high flyer coins also took hits, with Megan Swap losing 75% of its value while TATA coin saw a more moderate decline at 50%. 

The Ukraine government recently added a little over $4.5 million to its coffers from crypto donations, but this is slower than usual and contrasts with last week.

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Last weekend, Mykhailo Fedorov, Vice Prime Minister of Ukraine,  tweeted that they had collected $50 million in crypto donations. 

The Crypto Fund of Ukraine raised $50M in crypto in a week to support #Ukraine An incredible unity before Putin’s encroachment on freedom and democracy. Aiming for $100M this week. We WILL win! #StandWithUkraine