Bitcoin Price Down 10% After Russia's Attack On Ukraine

Cryptocurrency

Bitcoin Price Down 10% After Russia’s Attack On Ukraine

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Bitcoin has liquidated $145.83 million in the past 24 hours. Ethereum experienced a total liquidation of $123.24 million during the same period.

Earlier today, Bitcoin dropped $34k, prompting a major crypto sell-off amid reports that Russia had launched an attack on Ukraine. Bitcoin just broke major support that was established mid-last year. According to market data compiled by TradingView and CoinGecko, Bitcoin traded around $35k at the time of reporting. Bitcoin’s price drop affected the altcoin market as well, led by Ethereum, which traded around $2,351, down approximately 13.69 percent.

According to Coinglass statistics, the total amount of crypto liquidations in the past 24 hours was $464.32 million. Within the past 24 hours, approximately 153,675 traders have liquidated their accounts.

During the past 24 hours, Bitcoin registered a total liquidation of $145.83 million. In contrast, Ethereum recorded a total liquidation of $123.24 million during the same period.

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Bitcoin and Cryptos Sell-Off Amid Worrying Situation in Ukraine Due to Attack from Russia

Russian President Vladimir Putin had ordered an invasion of Ukraine, traders learned during the late Asian trading period and early London trading session. With tensions rising in Ukraine and its cities, the west, including the United States and Europe, have opted for stern sanctions.

Putin has nonetheless categorically stated that he will not back down and that the west should get involved.

Vladimir Putin said anyone who attempts to interfere with Russia, or worse, to create threats to its people and its country, must understand that Russia’s response will be immediate and will lead to such severe consequences as you have never experienced before in your history. “We are prepared for any turn of events.”

Bitcoin has evolved from a speculative asset into a fundamentally backed digital asset. Market strategists have shown the potential impact of the Russia-Ukraine conflict on Bitcoin and the entire crypto market.

As a result of severe sanctions imposed by major markets on Moscow, the world’s supply chain, particularly crude oil, is expected to spike in the coming months.

Russia is a major oil producer, and its war announcement caused crude oil prices to spike. Therefore, you can expect all commodities that depend on crude oil to remain high in price, including food.

Also, the crypto market is responding to changes in U.S. monetary policy, such as interest rate hikes.

Side Notes

After the past two years of the bull market, the crypto market has stamped its yearly bear market. Over the past 24 hours, the entire crypto market capitalization has dropped approximately 11 percent.

Vitalik Buterin, the co-founder of Ethereum, condemned Russia’s invasion of Ukraine.

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