Cryptocurrencies retreat amid geopolitical tensions in Venezuela

Cryptocurrency prices decline on US-Venezuela tensions

Cryptocurrency prices declined on Wednesday as investors' appetite for risk waned amid renewed geopolitical tensions between the US and Venezuela.

Bitcoin fell 1.4% to $86,401.45 at 12:54 pm Makkah time, accounting for approximately 58.6% of the total cryptocurrency market capitalization.

Ethereum, the second-largest cryptocurrency by market capitalization, dropped 0.95% to $2,925.12, while Ripple declined 1.3% to $1.9014.

The global cryptocurrency market capitalization stands at $2.94 trillion, with total trading volume over the past 24 hours reaching $97.67 billion, according to CoinMarketCap data.

The Russian Foreign Ministry stated that the ongoing tensions surrounding Venezuela could have unforeseen consequences for the West, as reported by the official TASS news agency.