The world’s largest cryptocurrency Bitcoin (BTC) has slipped under its crucial support levels of $37,000 and is currently trading 6.195 down at $36,619 with a market cap of $693 billion. This is for the second time in this month of February that the BTC price is trading under $37,000.
This comes amid the broader market correction as the overall crypto market takes a 7% dive losing more than $100 billion of investors’ wealth in the last 24 hours. The recent plunge comes amid the news that Russian President Vladimir Putin recognizes Ukraine’s rebel areas as independent and orders troops to move in while escalating the fears of war.
Well, it unclear whether if the movement of the Russian troops marks the beginning of the Ukraine invasion. however, it certainly sets the beginning of what could lead to a long military operation targeting the country.
Altcoins Bleeding Hard
Well, the correction in the altcoin space is even deeper as of now. Almost all of the top-ten altcoins including Ethereum (ETH) have plunged between 7-15%. The ETH price is down 6.92% and is currently trading at $2,592 with a market cap of $301 billion.
XRP, Cardano (ADA), and Solana (SOL) take the worst hit all collapsing by 13%. as of press time. Terra’s LUNA is holding up relatively better with a 3.5% fall. Popular crypto market analyst Wu Blockchain explains:
Goldman Sachs estimates that the Nasdaq has a potential downside of 9.6%, and a potential upside of 8.6%. The Nasdaq is most closely linked to the crypto market. The Chinese embassy in Ukraine also reminded that the situation in eastern Ukraine has undergone major changes.
This clearly shows that we can expect further volatility from the recent geopolitical developments. It will be interesting to see what will the Fed do in such a situation with respect to the interest rate hikes.
With today’s correction, Bitcoin and all other top ten cryptocurrencies are down by a staggering 15-25% on the weekly chart.
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