July 3, 2022

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Bitcoin price drops as tensions escalate between Russia and Ukraine

Bitcoin price drops as tensions escalate between Russia and Ukraine


New Delhi
CNN Business

Bitcoin and other major cryptocurrencies have been feeling the heat this week with the tensions between them Russia and Ukraine Investors are ramping up and moving away from riskier assets.

On Tuesday, bitcoin was trading at $36,649 at 2:30 a.m. ET, and is down nearly 6.5% in the past 24 hours, according to data from CoinDesk. The World’s Most Valuable Cryptocurrency Dropped Below $40K Over the Weekend, and Continued Slipping Like Ukraine crisis worsens.

Almost lost the coin half its value Since the November high of $68,990 due to geopolitical tensions, The possibility of an interest rate hike by the US Federal Reserve and restrictions by some Major economies on digital assets.

Bitcoin’s peers have also underperformed. Ethereum, the world’s second most valuable cryptocurrency, is down more than 8% in the past 24 hours and is trading at $2,520.

Experts say Bitcoin may not stabilize anytime soon.

“Bitcoin is an unwilling participant in the volatility that hits all risky assets from the Russia-Ukraine tensions,” Edward Moya, chief market analyst at OANDA, wrote in a note last week. “The bitcoin roller coaster ride is not going to end any time soon,” he said.

Investors around the world were nervous this week due to the worsening Ukraine crisis. Russian President Vladimir Putin has ordered Russian forces to join two pro-Moscow breakaway regions in eastern Ukraine after they were recognized as independent states on Monday.

The move to recognize the breakaway territories appears to be the start of a potentially larger military operation targeting Ukraine, nearly a dozen US and Western officials told CNN.

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Global markets fell Tuesday.