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Cryptocurrency market remain steady amid optimism about a US-Russia summit

Bitcoin increased by over 3% to $39,351, while Ethereum increased by 3.4 percent. The market capitalization of cryptocurrencies increased by 0.4 percent to $1.87 trillion. The news that Russian President Vladimir Putin and his American counterpart Joe Biden had agreed to meet boosted global equity. Then, and foreign exchange markets. The move comes after risky assets have been pummeled in recent weeks. Of course, due to growing fears about a possible invasion of Ukraine.

Tether’s trading volume was around $36 billion in the last 24 hours, more than double that of Bitcoin. High demand for stablecoins, which has been on the rise this year, is usually a sign of gloomy market mood.

On Monday, however, Solana defied the market trend among major currencies, surging 9.2 percent to $94.24 in the last 24 hours.

The token’s trading volume increased by roughly 81 percent.

The currency had fallen to five-month lows in January, attracting a slew of interested investors. On Monday, gains in most major currencies were mainly subdued. According to reports, a phishing attempt on OpenSea resulted in the theft of “millions” of NFTs. Thereby, causing some people to lose faith in digital assets.

Huobi CEO Du Jun added to concerns about a crypto market downturn by stating that he does not expect a Bitcoin bull run until at least the end of 2024. Also, that the currency is most certainly in the early stages of a bear market.

Jun’s remarks come amid market concerns about a “crypto winter,” which might result in a sustained price decline this year.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.