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Market Wrap: Bitcoin Sellers Return, Reversing Earlier Gains
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Market Wrap: Bitcoin Sellers Return, Reversing Earlier Gains

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by Virtuse Admin
24. February 2022
Market Wrap: Bitcoin Sellers Return, Reversing Earlier Gains

Bitcoin (BTC) and other cryptocurrencies struggled to maintain earlier gains on Wednesday, although alternative cryptocurrencies such as Cosmos’ ATOM, Shiba Inu’s SHIB and Polygon’s MATIC rose as much as 9% over the past 24 hours, compared with BTC’s flat performance over the same period.

Meanwhile, the rise in stablecoins could indicate a flight to safety among traders who are seeking protection from market volatility.

Equities also declined on Wednesday, while traditional safe haven assets such as gold and the U.S. dollar rose. That could mean investors are still concerned about macroeconomic and geopolitical risks. On Wednesday, Ukraine declared a state of emergency and urged its citizens to leave Russia immediately as tensions between the two nations escalated.

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