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Bitcoin (BTC), cryptocurrencies are falling after Russia’s attack on Ukraine

This illustration, made on May 19, 2021, in front of the stock exchange chart shows the presentation of the virtual currency Bitcoin.

Dada Ruvitz | Reuters

Cryptocurrencies fell sharply on Thursday after Russia launched an attack on Ukraine.

According to CoinMetrics, bitcoin fell about 7% to $ 34,976.80 around 6:30 a.m. ET on Thursday. Earlier in the morning, the cryptocurrency fell more than 8% to $ 34,702.18, the lowest level in a month. Ether fell about 11% to trade about $ 2,335.93.

According to Coinmarketcap, more than $ 150 billion from the entire cryptocurrency market has been destroyed in the last 24 hours.

The fall in cryptocurrency prices comes amid falling global stock markets following Russia’s military attack on Ukraine. NBC News reported that in Kiev, the Ukrainian capital, there were explosions.

The value of cryptocurrencies is often correlated with the movement of other risky assets such as stocks.

“The Russian-Ukrainian conflict and tensions continue to hamper risky assets. These include bitcoins and cryptocurrencies, which are currently still considered a high-risk asset class, ”said Vijay Ayar, vice president of corporate development and international cryptocurrency. exchange Luno.

The United States and Britain have imposed sanctions on Russian banks, individuals and the country’s sovereign debt. The European Union will hold an emergency meeting on Thursday and may reportedly announce further sanctions against Russia.

Cryptocurrencies have been under pressure since bitcoin reached a record high of nearly $ 69,000 in early November. Since then, bitcoin has fallen in price by almost 50%.

Aiyar said bitcoin could observe lows of around $ 30,000, with the key level being a minimum of $ 28,000 to $ 29,000, which was observed last July.

If bitcoin manages to stay above that, then it could move to new highs later this year, Ayar said. But he added that if the price falls below, then bitcoin could move to a low of $ 20,000.

Last week, the CEO of China’s cryptocurrency exchange Huobi told CNBC that a new bitcoin market could only happen in late 2024.

Bitcoin (BTC), cryptocurrencies are falling after Russia’s attack on Ukraine

Source link Bitcoin (BTC), cryptocurrencies are falling after Russia’s attack on Ukraine

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