The flagship cryptocurrency Bitcoin (BTC) and other cryptocurrencies continue to lose value as Russia-Ukraine tensions escalate. Bitcoin price dropped as low as $36,370 early Tuesday, the lowest in more than two weeks. Cryptocurrency analysts attributed the drop to rising tensions over the Russia-Ukraine crisis. Stay tuned to Kriptokoin.com for details
Bitcoin price will see these levels
Digital currencies fell on Tuesday as geopolitical tensions over Ukraine shook global markets . Bitcoin (BTC) was last down more than 1% to $37,553.39. The cryptocurrency fell as low as $36,370 in early morning transactions, the lowest in more than two weeks. Not only BTC, other digital assets also fell, Ethereum (ETH) fell 2% and Cardano’s ADA fell 8%. Analysts attributed the decline to rising tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin ordered on Monday to send troops to two separatist regions in eastern Ukraine, soon after some regions declared their independence. The move fueled fears of a full-blown invasion, and traders’ appetite for risk plunged global equities sharply.
Yuya Hasegawa, crypto market analyst at Japanese Bitcoin exchange Bitbank, said, “Bitcoin’s safe-haven narrative, the growing possibility of military conflict, and the worsening US-Russia relationship are affecting the broader financial market. “It almost completely disintegrated as it put it in risk-averse mode.” Bitcoin is often touted by its proponents as a safe-haven asset similar to gold, meaning it must offer a store of value in times of uncertainty. However, the situation for Bitcoin as a kind of “digital gold” has deteriorated as more institutional investors start trading and the cryptocurrency has become more closely aligned with the fluctuations in traditional markets such as equities.
New ATHs away
Hasegawa said that Bitcoin should trade in the $32,000 to $43,000 range this week. DailyFX chief strategist John Kicklighter said that $39,500 is “level one support for this week, but $32,500 looks like a point of no return.” Bitcoin is currently well below its all-time high of over $68,000, which it reached in November 2021, and some investors believe this will remain the best highs for the cryptocurrency for a while. Du Jun, co-founder of crypto exchange Huobi, said that the next Bitcoin bull market is unlikely to occur until 2024 at the earliest, with the next so-called “halving” happening. “Following this cycle, we will be able to welcome the next bull market on Bitcoin from late 2024 to early 2025,” said
Du. The Bitcoin halving reduces the rewards that cryptocurrency miners receive for verifying transactions, effectively making the supply of new cryptocurrencies difficult at the time of issue.
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