- The global crypto market has lost nearly 10% of its value amid the tussle between
Russia andUkraine . - Both Bitcoin and Ether touched monthly lows as Russia began its “special military operation” against Ukraine.
- Bitcoin’s price has dropped to ₹2.7 lakh , while Ether dropped to under ₹1.8 lakh.
Data shows that over $200 billion has been liquidated since Russia — and its President
Amid the
The only leading cryptocurrencies that have been able to limit their fall to under 10% over the last 24 hours are Bitcoin and Terra.
The value of cryptocurrencies have been plummeting since the New Year kicked in, sparking speculation that another ‘$4’ may be in the making. Bitcoin’s price, for instance, has dropped by about 50% since November.
Russia’s moves against Ukraine seem to be making matters worse. However, the fact that the value of most cryptocurrencies are going through the wringer may not come as a big surprise to investors. Crypto markets have shown a tendency to react to traditional markets in recent times.
$BTC.X Crypto universe has reacted negatively to the Russia Ukraine war news and has also had a negative correlation with $XAUUSD. The technical setup in the Daily chart is consolidation ( sideways movement ) with critical support at 33000 to 30000$ zone. Currently $BTC.X has managed to be above the support area of the curved trendline.
— (@Sanket_CryptoTrader) $4]]>Rather than being an asset where investors can park their money when the global economy gets risky — whether that’s because of inflation or geopolitical tensions — cryptocurrencies are no longer being viewed as a ‘safe haven’ investment.