After another rejection at around $40,000, bitcoin slipped by approximately $3,000 to a four-day low at $37,000. Most altcoins are also in the red today. One apparent exception is Uniswap, which spiked by 10% and neared $10.
Bitcoin Volatility Has Returned
The past week has been nothing short of a roller coaster ride for all financial markets. Bitcoin, representing a free market known for its volatility, was among the leaders in terms of increased price fluctuations.
As Russia launched its “special military operation” in Ukraine, which turned out to be an all-out war, BTC plummeted by about $5,000 in hours to a monthly low of just over $34,000.
The situation looked grim, but the US president and other Western leaders said they would not get directly involved in the war against Russia. This had an immediate positive effect on the crypto markets, as bitcoin recouped all the losses just as quickly.
Furthermore, BTC even tried its hand at $40,000 on a few occasions but to no avail. The last rejection at that level came over the weekend and sent bitcoin south. This time, the asset dipped to $37,000 before it bounced off to its current level of around $38,500.
Altcoins retrace but not UNI
Altcoins have had a similar wild ride over the past week. They recouped most of the losses and even posted further gains over the weekend, but have now turned red.
Ethereum is among the most substantial losers since yesterday. A 4% decline on a daily scale has pushed the second-largest crypto to $2,640 after failing to overcome $2,800.
Polkadot and Avalanche lost similar percentages in one day. Binance Coin, Ripple, Terra, Dogecoin, Shiba Inu, CRO and MATIC produced more minor daily declines, while Solana and Cardano are slightly in the green.
Uniswap is the biggest gainer since yesterday. UNI has soared by more than 10% and has neared $10.
The crypto market cap has decreased by about $70 billion since yesterday and stands at just over $1.7 trillion now.
