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Cryptocurrencies Tumble; Bitcoin Slips Below $40K, Cosmos Down 11%
The gains in cryptocurrency once again fizzled out as the bitcoin-as the largest token by m-cap collapsed below $40000 levels on Friday. At the time of writing this copy, bitcoin traded lower
by over 6% at $39,131. Also, in India rupee terms, bitcoin was down by over 5% at Rs. 31 lakhs.
Likewise other top altcoins as compiled by Coindesk also were down with the Cosmos (ATOM) crypto down by over 11%.
Notably, bitcoin has traversed lower below $40000 for the first time since Monday owing to the extended sell-off in assets due to the raging Ukraine-Russia war. It is being iterated that divergence to cryptocurrencies didn't lasted long.
Not to forget, cryptocurrencies even came to light amid the war as they attracted demand from Russia and beyond. Also, as per investors -bitcoin viewed as digital gold attracted demand during war and helped it to outperform and even scaled to levels of $45,000. Nevertheless, its sudden crash amid heightened sell-off fails to give it a fully safe haven tag.
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