Bitcoin, the largest cryptocurrency by market cap, also fell below its critical support of $37,000 and is trading at $36,857 at the time of writing. Thus, BTC has erased about $ 3,000 over the past 24 hours. Its market value also slipped to just under $700 billion. So, what were the reasons behind the decline? As Kriptokoin.com, we are giving the details…
Bitcoin and altcoins are in free fall!
Solana joined Bitcoin’s freefall along with other cryptocurrencies on Tuesday after becoming one of the few cryptos to stand in the green on a red day in the crypto market on Monday. Solana is down almost 12 percent after hitting $94.52 just 24 hours ago after a 6 percent bull run. It’s changing hands at $83 at the time of writing. Bitcoin has fallen 6 percent in the last 24 hours to trade at $ 36,857.
Russia-Ukraine tensions continue to make the headlines, while global markets, including cryptocurrencies, have been swamped with uncertainty lately. Terra was the latest of the top 10 cryptocurrencies to join the red zone, down 3.2 percent on Tuesday, trading at $49.09 at the time of writing. Those among other major cryptocurrencies also fell by over 8 percent. Ethereum (ETH) has lost 8 percent in the last 24 hours, Binance Coin (BNB) has lost 9.1 percent and XRP has lost 14.2 percent. Cardano (ADA) fell 14.6 percent and Solana (SOL) fell 13.7 percent.
What’s behind the fall?
The latest fall came amid news that Russian President Vladimir Putin had recognized Ukraine’s rebel areas as independent and ordered troops to move as war fears escalated. It is unclear whether the movement of Russian troops marked the beginning of the invasion of Ukraine. However, this situation certainly worries the markets.
Wu Blockchain, known as a Blockchain journalist, also tried to explain the latest situations in the market. Wu drew attention to the change in the stock markets. According to Wu, Goldman Sachs forecasts the Nasdaq to experience a potential downside move of 9.6 percent. The Nasdaq is also seen as one of the most linked indices with the cryptocurrency market.
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