Crypto On March 7: Market Faces The Heat Of Russia-Ukraine Crisis; Stable Coins Slightly Up

The cryptocurrency market had a bearish start to the week as top coins including Bitcoin and Ethereum traded lower Monday. On the other hand, stable coins saw a slight uptick in prices amid the Russia-Ukraine crisis.

The global market cap was down 3.61% at $1.70 trillion as of 3.29 a.m. ET, CoinMarketCap data showed.

Bitcoin slid 3.84% to $37,845. Ethereum, too, plunged 4.92% to $2515. Barring a slight uptick in stable coins Tether and USD Coin, all of the top coins traded in the red. Meme cryptos too plunged.

Charles Tan, marketing head at global exchange Coinstore, said, "The possibility of a greater war between the nations has spooked the global financial markets which are putting a lot of pressure on crypto assets."

"The stable coins are up marginally today which indicates that investors are moving towards more stable assets amid growing geopolitical tension," Tan told International Business Times.

Burger, the token of Burgerswap project, and MIR are 2 of the top gainers with double-digit percentage gains compared to BTC losing around 0.5% for the day, according to Indian exchange WazirX's daily analysis.

"There are still a lot of opportunities to make good returns in select pockets of this market," the analysis read.

In other news, Andre Cronje, widely known as the 'Godfather of DeFi,' and his close partner Anton Nell said they were leaving crypto, shaking the tokens in projects associated with them.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.