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’s Volatility Returned
Last week was 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 enhanced 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 seemed gloomy, but the US president and other Western leaders said they will not get involved directly in the war against Russia. This had an immediate positive effect on the crypto markets, as bitcoin recovered all losses just as rapidly.
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
The altcoins experienced a similar wild ride in the past week or so. They recovered most losses and even charted new gains over the weekend but have turned red now.
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 have lost similar percentages in a day. Binance Coin, Ripple, Terra, Dogecoin, Shiba Inu, CRO, and MATIC have 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.