The Bitcoin price is losing 0.7% in face of an invasion by Russia of Ukraine. It is trading at $43,352 according to Coingecko charts on Thursday. This is down from its January 1st high of $47,000.
Ethereum (ETH), second-most popular cryptocurrency, has also fallen 2.14%, to $2,873.
The world’s most valuable cryptocurrencies are on the decline Thursday as news of a possible military action by Russia on Ukraine sends markets into a tailspin.
Russian Invasion Jitters Jolt Top Cryptos
Bitcoin is losing 3% of its value as Western jitters about Russian aggression on its neighbor Ukraine have grown higher, and worse than the Nasdaq Composite index’s 0.9% drop last December.
Although Russia continues to amass more than 100,000 troops close to Ukraine’s border, many investors point out the relative tranquility of trading in this time of rising geopolitical tensions.
Russia rejects western warnings of an invasion as “hypocrisy.”
According to BuyBitcoinWorldwide’s volatility index, Bitcoin’s current 30-day volatility is losing 3.35% of its value; it averages 4.56% back in 2021, although it still has not given up all of its gains from lows of $32,950 two weeks ago.
Sources: TradingView.com| Source: TradingView.com
Russia-Ukraine Frictions, and Their Impact On Crypto
Reports claim that the United States President Joe Biden met with Volodymyr Zelensky, Ukraine’s President, for an hour to talk about tensions.
Jake Sullivan, the US national security advisor reiterated his concern about an invasion.
Bitcoin and Ethereum dropped over 9%, to the lowest point in six month’s time as fear of Russian intervention on Ukraine grew.
The global market fell, causing a sell-off among many investors.
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Crypto Industry loses $200 billion in a day
As Russia considered banning Bitcoin in their own countries, there were also protests on the cryptocurrency markets.
It’s possible that Russia is being swayed by skepticisms that seem to be sweeping the cryptocurrencies market.
Meanwhile, Russia is reportedly mulling a total ban on Bitcoin mining and trade, according to its central bank’s assessment.
Russia is an important processing hub for Bitcoin transactions because it accounts for around 10% of the world’s mining capacity.
The cryptocurrency market has seen a decline of $200 billion over the past 24 hours. Bitcoin’s total market capitalization is now at $1.8 trillion.
The vast majority of Bitcoin experts believe that cryptocurrency is interlinked with the future markets in the present state of affairs.
The value of Cardano, Ethereum, and Bitcoin has taken a significant hit in the aftermath of the recent events.
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Featured Image from CoinMarketCap. Chart from TradingView.com