Cryptocurrency prices mixed on Tuesday
Bitcoin traded at nearly $39,000 early Tuesday morning
Cryptocurrency prices are mixed on Tuesday, with Bitcoin trading at nearly $39,000.
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As of 4:45 a.m. Tuesday, Bitcoin was trading at $38,980 per coin (+2.06%), while rivals Ethereum and Dogecoin were trading at $2,588 (+2.15%) and 11.93 cents (-0.46%), respectively, according to CoinDesk.
Cryptocurrency was mixed early Tuesday morning. REUTERS/Dado Ruvic/Illustration (REUTERS/Dado Ruvic/Illustration / Reuters)
After several days of decline beginning late Friday as fleeting hopes for a ceasefire or targeted truce to allow civilians to evacuate besieged cities evaporated, cryptocurrency traded lower, CoinDesk reported.
Ben McMillan, the chief investment officer for IDX Digital Assets told CoinDesk that Bitcoin had "pried in a lot of bad news" and the "war in Ukraine certainly didn’t help."
However, McMillan also struck an upbeat note, highlighting investors' recent preference for the two largest cryptos by market cap, Bitcoin and Ether over other digital assets, according to CoinDesk.
In other news, Reuters reported Tuesday crypto aficionados see bitcoin as "digital gold," or a handy place to store cash during war or disaster. Bitcoin, the outlet says, has a limited supply and runs on a global computer network beyond the reach of governments and is, therefore, safer than traditional currencies.
However, things are never that simple. Bitcoin's safe-haven chops are unclear; it often behaves more like risk-on assets such as stocks.
Investors say that during the Russia-Ukraine war Bitcoin's characteristics have stoked demand and helped it outperform other traditional havens.