Cryptocurrency Market Prices Have Dropped, as a Result of Military Attacks on Ukraine - Coindoo
Military Attacks on Ukraine

Cryptocurrency Market Prices Have Dropped, as a Result of Military Attacks on Ukraine

Editorial Team Avatar
Feb 24, 2022
3 min reading time

Everyone is panicking over the attack on Ukraine. Bitcoin’s price dropped below $35,000 on Thursday morning after Russian President Vladimir Putin announced a military campaign in Ukraine’s Donbas region. At the moment of writing this piece, the Bitcoin price was 35,658.31, according to Coindoo.

Recent Data Charts Modification

The crypto market is going down. Bitcoin is currently trading at 35,658.31, down 8%. Ethereum is currently trading at Rs 1,88,512 ($2391.63), down 10%. Shiba Inu and Dogecoin, two meme coins, are down up to 12% at Rs 0.001788 ($0.00002254) and Rs 9.07 ($0.114), respectively.

Over the weekend, the world’s most valuable cryptocurrency slipped below $40,000, and the trend has continued as the Ukraine crisis worsens.

Due to global concerns, the likelihood of interest rate hikes by the US Federal Reserve, and limits on digital assets by certain major governments, the currency has lost about half of its value since its November peak of $68,990.

According to Coindoo charts, the whole cryptocurrency market has lost more than $150 billion in the last 24 hours. Cryptocurrency prices are falling as global equities markets fall in the aftermath of Russia’s military invasion of Ukraine. According to NBC News, explosions were heard in Kyiv, Ukraine’s capital. The price of cryptocurrencies is frequently associated with the price of other risk assets such as stocks.

What Specialists Have to Say

‘’Risk assets continue to be weighed down by the Russia-Ukraine conflict and tensions. This includes Bitcoin and cryptocurrencies which are currently still very much viewed as a high-risk asset class ‘’ Vijay Ayyar, (crypto exchange Luno)

Last Monday, Huobi’s CEO warned CNBC that a new Bitcoin bull market would not arrive until late 2024.

According to Ayyar, Bitcoin might reach lows of approximately $30,000, with the important level being the July low of between $28,000 and $29,000.

If Bitcoin can stay above that level, it might reach new highs later this year, according to Ayyar. However, if the price falls below that, he believes Bitcoin will plummet to the low $20,000 range.

What Will Happen Next? 

The price of Bitcoin continues to decline as global markets respond with anxiety to the growing scale of the war in Ukraine, as missiles continue to rain down on Kyiv, the country’s capital and its airport has been taken over by airborne soldiers.

The Reserve Bank of India has often warned investors about the volatile nature of cryptos. Michael Patra, Deputy Governor of the Reserve Bank of India, said at a Pune International event, ”RBI’s view is quite known on crypto. I think it is one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate,” The central bank supports a comprehensive prohibition on speculative assets, claiming that they have no underlying value and are a threat to financial stability. Everyone is concerned to see what is coming next. 

Featured Image: The New York Times

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