Bitcoin Drops Below $37,000 as Putin Orders Ukraine Invasion
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Flagship cryptocurrency Bitcoin has lost more than 6% of its value in the past 24 hours, falling below $37,000 on Tuesday, February 22, 2022
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Prices of global cryptocurrencies as a whole have taken a dive after Russian President Vladimir Putin made a defiant speech, and ordered the invasion of the Ukraine border
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According to CoinMarketCap, the global market capitalization of cryptocurrencies is $1.66 trillion, down by 7.44% from yesterday
Risk appetite in the cryptocurrency market has continued to dwindle as the tensions between Russia and Ukraine continue to escalate. Bitcoin was of the biggest casualties, losing more than $2,000 in value, forcing the value of the cryptocurrency to a two-week low.
The value of Bitcoin fell below $37,000 on Tuesday, its lowest point since February 3. The second-largest cryptocurrency Ethereum was not left out as it lost more than 7%, crashing to $2,519. This is the cryptocurrency’s lowest since January 31 this year.
The crash of the cryptocurrency market follows a televised address by Russian President Vladimir Putin, where he announced that Russia would recognize two self-proclaimed separatist republics in eastern Ukraine. He then ordered his troops to invade Ukraine and safeguard those areas.
The news has caused worries among investors as more traders have adopted strategies with minimal risk due to concerns about rising energy prices and the effect of war.
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Meanwhile, other cryptocurrencies have suffered heavily from the news as well. XRP dropped by more than 14% while Solana crashed by 12.91%. Terra was down by 3.4%, as Cardano tanked 14.13% in under 24 hours.
The global crypto market capitalization has also fallen by 7.44% from yesterday to $1.66 trillion, according to data from CoinMarketCap.
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