Cryptocurrency market collapses due to Russian: The cryptocurrency market has collapsed since the start of Russia’s military aggression in Ukraine. In 24 hours, the overall value of the crypto market has decreased by 15 trillion dollars.
Bitcoin alone fell 7 percent on Thursday, according to cryptocurrency market analyst Coindesk. The price of each bitcoin has come down below 35 thousand dollars. At the same time, the price of ether fell 12 percent to less than 2325 dollars.
The collapse of the cryptocurrency market seems to have coincided with the collapse of the international capital market after the Russian invasion of Ukraine.
The market price of cryptocurrency fluctuates in most cases in line with the mainstream capital market, commented CNBC in a news release.
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“Russia-Ukraine conflict and instability are putting pressure on risky assets,” said Vizaya Ayre, vice president of the international crypto-exchange Luno. That includes Bitcoin and other cryptocurrencies that are still seen as high-risk assets. ”
The United States and the United Kingdom have already imposed sanctions on various Russian banks, individuals, and the entire country’s lending system. An emergency meeting of the European Union will take place this Thursday. It is rumored that more sanctions will be imposed on Russia.
Bitcoin has been under pressure since it hit a record market price of 69,000 USD. The cryptocurrency has fallen nearly 50 percent since it hit the milestone in November last year.
Eyre fears that the price of Bitcoin could fall to 30,000. In July last year, the lowest price of Bitcoin was between 28 and 29 thousand dollars.
But if it doesn’t fall to the lowest price, the cryptocurrency could set a new record for the highest price this year, he said.
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