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The bitcoin exchange rate on Monday, March 7, again fell below $38,000. On some trading floors, the cryptocurrency fell to $37,596 during Asian trading.
Ether (ETH) fell 4.56% to $2,526. Almost all leading altcoins are traded in the red zone. Binance Coin (BNB), XRP, Cardano (ADA), and Solana (SOL) fell to $371, $0.739, $0.817, and $83, respectively. The capitalization of the crypto market has decreased to $1.713 trillion.
Bloomberg notes that bitcoin’s pullback is being observed against the backdrop of another surge in oil and other commodity prices.
According to OANDA strategist Edward Moya, BTC will be able to find a local bottom around $37,000.
Sales were observed throughout the Asian session.
As European markets connected, BTC was able to bounce back a bit. At the time of publication of this review, Bitcoin has risen to $38,061. Uncertainty in the crypto market will continue until energy and metal prices stabilize, said Lloyd Blankfein, former CEO of Goldman Sachs Group Inc.
The situation should stabilize over the next few days. However, if Western countries continue to increase sanctions pressure, then analysts expect new turbulence.
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