The crypto market bled as the week progressed. With most currencies turning red, there was little good news, but liquidity may be tighter than usual during the long holiday weekend, causing price swings to be erratic.
Bitcoin (BTC) had dropped 4.4% in the previous 24 hours as of Monday, Ethereum (ETH) had fallen 4.2%, and Dogecoin (DOGE) had dropped 2.6%.
At the same time, the SEESAW protocol sees a jump of 1300%. The new utility cryptocurrency will connect popular blockchains to fill a significant market gap.
Market tumbles with international tension rise
On Saturday, cryptocurrency prices began to fall after UK Prime Minister Boris Johnson said financial sanctions against Russian firms strengthened. The United States appears to agree, as Johnson stated that businesses will be unable to trade in “pounds and dollars.”
Growing tensions between Russia and Ukraine have impacted the market in recent weeks, and with crypto trading available 24 hours a day, this is the first place for investors to react, as reported by Fxempire.com.
It didn’t help that Opensea, Ethereum’s largest NFT trading marketplace, was hacked or phished, causing hundreds of thousands of dollars to be stolen from the crypto wallets. While the situation is still developing, it represents a setback for some of the industry’s most visible projects.
Reason behind volatility
Weekend volatility in cryptocurrencies has been unusually high, partly due to traders’ absence from the market.
On a broader scale, investors are selling risky assets in response to fears of an escalating conflict in Eastern Europe, and cryptocurrency is the first place they can withdraw funds.
SSW leads markets
The Seesaw protocol makes investors rich as it rises to 1000% in only a few weeks. Because holders cannot sell during the presale, the price can only rise until SSW’s April launch. If it follows the same bullish path, it could witness a projected 20x return.
But it’s not too late to invest. Yes, the growth has been phenomenal, but many analysts believe Seesaw will have grown by 8-9000% since its presale launch by the time we reach its full launch date – that’s a launch price of around $0.45-$0.50.
As tensions between the US and Russia continue, the crypto market is expected to remain extremely volatile.