Crypto markets rose slightly on Monday on hopes of a U.S.-Russia summit, although Tether continued to dominate volumes as safe-haven demand drove traders to the world’s largest stablecoin,
Bitcoin rose nearly 3% to $39,351, while Ethereum added 3.4%. Crypto market capitalization rose 0.4% to $1.87 trillion. Global equity and foreign exchange markets rallied on news that Russian President Vladimir Putin and his U.S. counterpart Joe Biden had agreed to a summit. The move comes after simmering tensions over a possible invasion of Ukraine had battered risk-driven assets over the last two weeks.
Fears of Russian invasion knock nearly $200 billion off crypto market
Trading volumes in Tether were about $36 billion over the past 24 hours, more than twice those seen by Bitcoin. High stablecoin demand- a growing trend seen this year- is usually indicative of bearish market sentiment.
But Solana bucked the trend among major currencies on Monday, rising 9.2% in the last 24 hours to $94.24.
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