Over the past week, Cryptocurrencies and related firm Coinbase have lost significant chunks of their value. The risk-averse mood observed across the U.S. economy may be disproportionately affecting the digital coin sphere.
Western powers have implemented a new raft of sanctions against the Russian banking sector in response to the conflict in Ukraine. Russian citizens may now be turning to Cryptocurrencies as an alternative store of value as their national economy enters crisis mode.
Over the weekend, Cryptocurrencies got hit by a series of selloffs that pushed their value down significantly, surprising many. What led to this downturn, and where do market experts see digital coins heading next?