Popular analyst PlanB commented on the Bitcoin drop. PlanB, the creator of the Bitcoin stock-to-flow (S2F) model, made a post on Twitter about the declines in Bitcoin and cryptocurrencies after Russia’s attack on Ukraine.
PlanB stated that most investors see Bitcoin as a meme or technology stock, not a commodity. PlanB said:
“Bitcoin is down, gold is up. It seems that most investors see bitcoin not as a commodity/digital gold but as a technology stock like Google or meme stock.”
Bitcoin and other cryptocurrencies following the news that Russia attacked Ukraine its value dropped. According to the analysis, approximately $465 million has been liquidated in the cryptocurrency market in the last 24 hours. According to data from CoinGecko, Bitcoin is down 10% (at the time of writing). This brings the cryptocurrency to its lowest point in a month. It’s a long way off from Bitcoin’s $69,000 ATH reached last November.
The war also hit the Russian stock market. Analyst David Ingles, who made a statement on the subject, shared a visual and compared the situation of the stock market during the crises.
Drawdown in Russia’s stock market visualised. As of right now, the drawdown has surpassed drops during the pandemic & annexation of Crimea
Blue: Now
Purple: Pandemic
Green: Crimea
Yellow: GFC pic.twitter.com/5Emhca9TxE— David Ingles (@DavidInglesTV) February 24, 2022
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