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Bitcoin (BTC), cryptocurrencies tumble after Russia attacks Ukraine


This illustration, taken on May 19, 2021, shows a representation of Bitcoin in front of an illustrated stock graph.

Dado Ruvic | Reuters

After Russia’s attack on Ukraine, cryptocurrencies plunged sharply Thursday.

BitcoinAt 2:25 AM, the price of $34,702.18 was more than 8 percent lower. Coindesk data shows that ET occurred on Thursday. This was the lowest monthly level. EtherThe stock market plunged by more than 12 percent and traded at $2,325.18.

According to Coinmarketcap data, more than $150 billion was wiped from the cryptocurrency market within the past 24 hours.

Drop in crypto prices comes as global equity markets tumbleThese are the following Russia’s military attack on Ukraine. NBC News reported explosions heard in Kyiv.

The price movements of cryptocurrencies are frequently unpredictable correlated to movementsOther risk assets, such as stocks.

Russia-Ukraine tensions and conflict continue to weigh down risk assets. Bitcoin and other cryptocurrencies are still considered high-risk assets, according to Vijay Ayyar (Vice President of Corporate Development and International at cryptocurrency exchange Luno).

The U.S. the U.K.Russian banks, people and sovereign debt have been placed under sanctions A European Union emergency meeting will be held on Thursday. reportedly unveil further sanctions on Russia.

Since bitcoin reached a record-breaking $69,000 in November, cryptocurrencies have come under increasing pressure. The bitcoin price has declined nearly half a million dollars since November.

Ayyar stated that bitcoin may see lows of around $30,000, with the critical level at $28,000 to $29,000 last July.

Ayyar indicated that bitcoin may move higher if the price holds above $20,000, if this happens, it will likely rise to new highs in 2018. He said that bitcoin may fall below this price, and that it could reach the $20,000 level.

The CEO of a Chinese cryptocurrency exchange was interviewed last week Huobi told CNBCThe possibility of a new Bitcoin bull market is unlikely to occur before the end 2024.