On Monday, the digital token market fell further due to escalating tensions between Russia and Ukraine, as well as persistent inflationary fears. A potential abuse of OpenSea, the largest NFT platform, may have scared investors away from crypto even more.
All of the top digital tokens were trading lower, with the exception of Solana and Terra. Avalanche has lost around 5 percent of its value, while Bitcoin has lost 2 percent of its value, falling below USD40,000. Solana increased by around 5 percent among gainers.
The global crypto market capitalization fell by nearly 2 percent to USD1.78 trillion. The overall crypto market volume, on the other hand, increased by more than 31 percent to USD70.68 billion.
Due to geopolitical risks, the cryptocurrency and stock market have taken a hit. The markets have rebounded marginally after news of the Russian army's withdrawal broke, but the situation has not improved, according to WazirX Trade Desk.
Fear has begun to spread across the markets after the US stated that an invasion is likely to occur. "On the other hand, Bitcoin's fundamentals are improving."