BTC Plunges By 7.5% Amid Russia-Ukraine War | What Will it Imply in the Market?

Cryptocurrencies, including the world's top crypto, Bitcoin, have been affected by the wide-scale crisis brought by Russia's war declaration on Ukraine. According to the latest report, the most popular digital coin plunged to over 6% on Thursday, Feb. 24, following the invasion in Western Europe.

Russia-Ukraine War Hits Bitcoin's Price

In a news story from The Independent, BTC's value was seen to have decreased following the tension that is currently happening in Ukraine. As the war continues, the market suffers from its unforeseen impact.

According to some experts, all cryptocurrencies will feel the aftermath of war globally. Aside from Bitcoin, several currencies also saw low trading prices this week.

For instance, Ether experienced a decrease of 9.7%, which equates to a trading value of around $2,372.64. According to Coinmarket, over $150 billion has been slashed in the crypto industry in just one day.

Besides cryptocurrencies, other investment assets such as stocks are also affected by the tension that Russia initiated in Ukraine.

Per Luno VP of corporate development and international Vijay Ayyar, the ongoing conflict between the two countries persists in dragging down risk assets such as Bitcoin and other digital coins.

US and UK Punish Russian Banks

In another report from CNBC, both the United States and the United Kingdom have imposed particular punishments on Russia-based banks as war surged.

In addition, there will be an emergency meeting that the European Union will spearhead before weekend. The discussion could be about the potential sanctions that could affect Russia.

In November 2021, we witnessed how the crypto market turned bearish following the downward trend of Bitcoin's price, which nearly hit $69,000. Since this took place, investors found BTC unstable until it plunged to about 50%.

Given that the tension between Ukraine and Russia is just getting started, only two things could happen to Bitcoin's price: a positive and a negative trend.

Ayyar said that Bitcoin could manage to hit a price of above $30,000. However, if it continues to decline in the upcoming days or weeks, it might hit a rock-bottom value of $20,000.

Speaking of cryptos, Tech Times reported that the Web3 Movement is now seeking potential employees from the most notable tech giants globally, including Google and Amazon.

Outside the talk about Bitcoin, the FBI warned on Wednesday, Feb. 23, that businesses and local governments should be vigilant on the possible ransomware attacks in the U.S.

According to the two sources, the senior official announced this following his statement about Russia's plan to invade Ukraine. He added that the more dominant nation would not be going shorter this time.

In response to this, US President Joe Biden revealed the potential sanctions that Russia will face if it begins to wage war with Ukraine. At that time, the US was aware that there were no credible threats that might hit them at the moment.

This article is owned by Tech Times

Written by Joseph Henry