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Cryptocurrencies swing in narrow range after bull run

Cryptocurrencies

London, (Business News Report)|| Cryptocurrencies are oscillating in a narrow range after a bull run for the past few days amid high demand.

Digital currencies remained operating in a narrow range after the Federal Reserve and other central banks decided to cancel some of the stimulus measures put in place to deal with the Coronavirus pandemic.

The Fed’s decision means that less money will be directed towards riskier assets, including cryptocurrencies.

In addition, cryptocurrencies have come under scrutiny amid speculation that they can be used to circumvent sanctions against Russia, although this claim has been dismissed by many analysts.

However, Bitcoin and other cryptocurrencies such as Ethereum have started to rise steadily this month along with broader increases in US stocks.

Bitcoin received strong support after news that Russia is considering accepting Bitcoin as a way to pay for its oil and gas exports, according to a high-ranking deputy in the Russian parliament (Duma).

The decision of Russian President Vladimir Putin will enter into force on Thursday, March 31, 2022.

With the continuation of the war on Ukraine and the suffering of the Russian economy as a result of the sanctions imposed on it and the devaluation of its currency to new low levels, Moscow is seeking to circumvent those economic sanctions imposed by Western countries following their war against Ukraine as a kind of deterrence for the Russian bear.

Antoni Trenchev, co-founder and managing partner at Nexo said: “It might just be time to awaken from the Bitcoin-sideways slumber that’s been 2022.”

The market value of digital currencies decreased during Wednesday’s trading, by 0.26%, to reach $2.15 trillion.

The crypto market was able to collect cash flows in cryptocurrency purchases worth $122.94 billion in the last 24 hours.

On Wednesday, the price of Bitcoin (BTC) (the largest and most famous digital currency in the world) decreased by 0.34% to reach $47,430.43, compared to $47,520 at the close of trading on Tuesday.

During his appearance last Tuesday on Bloomberg TV, Galaxy Digital CEO Mike Novogratz predicted that Bitcoin (the world’s largest cryptocurrency) would reach the $500,000 level within five years.

The highest level that Bitcoin reached was on November 10, when it recorded $68,992.

The price of Ethereum (ETH) decreased by 0.20% to $3404.89. The price of Ripple XRP also fell by 1.61% to reach $0.8637. The price of the Terra Luna currency LUNA/USD jumped by 2.77%, to record levels of $106.42.

On the other hand, Cardano coin lost 1.69% to record $1.20. The price of Solana rose by 0.92% to the level of $112.29. While the Polkadot price declined by 1.22% to levels of $22.32. The price of DOGE fell by 1.80% to $0.1439 levels.

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