The past few days have been relatively quiet for the major cryptocurrencies. It consolidated about $39,000 through just a few brief ups and downs.
As reported yesterday, the asset dropped to $37,500 and then rallied back to those levels. Over the next few hours, Bitcoin turned the other way and rose to just under $40,000.However, it failed again, dropping more than $1,500 to its current price of just over $38,000. As a result, its market cap has dropped slightly to around $730 billion.
Meanwhile, Asian stock market volatility has increased amid concerns that Chinese companies could face scrutiny if China helps Russia go to war against Ukraine.
Hong Kong’s Hang Seng Index fell the most, dropping more than 6% to a six-year low. Its technology subsidiary, the Hang Seng tech Index, plunged double digits in its worst trading day since its inception in 2020.