Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine

As Bitcoin falls back, the US dollar strengthened following impressive economic statistics that indicated the number of jobs generated in the US, among other related factors, increased far more than projected. Bitcoin – the world’s alpha dog cryptocurrency – slid down into Sunday’s weekly closing, with geopolitical frictions and concomitant macro sluggishness firmly on the spotlight. BTC’s price was down 6% overnight, despite several mid-week rebounds, as the global crypto market lost a massive $78 billion in market capitalization. Three-Day Losses Sustained As Bitcoin Falls Back Bitcoin was heading back into the $38,000 region as of mid-Sunday. The cryptocurrency was still up 5% in a month. Ethereum, on the other hand, traded at $2,625, down roughly 4% on the day and 5% on the week. Additionally, it fell 2% in a month. TradingView and Cointelegraph Markets Pro data indicated that the BTC/USD pair was in the midst of testing the $38,000 support level at the time of writing, with three-day losses approaching 12%. According to market expert Holger Zschaepitz, global stocks have lost roughly $3 trillion in market value this week as the ongoing Russia-Ukraine conflict threatens to trigger a “huge stagflationary shock.” BTC total market cap at $735.21 billion in the daily chart | Source: TradingView.com Demonstrating Strength Bitcoin gained 20% in less than 48 hours on Wednesday, reach...