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Bitcoin skids to six-month low as fears of Ukraine conflict shake markets

Reuters.pngStock MarketsJan 24, 2022 
 
Bitcoin skids to six-month low as fears of Ukraine conflict shake markets© Reuters. FILE PHOTO: Bitcoin (virtual currency) coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris July 11, 2014. REUTERS/Benoit Tessier

By Tom Wilson and Medha Singh

LONDON (Reuters) - Bitcoin tumbled almost 9% on Monday to its lowest in six months as fears of a Russian attack on Ukraine saw riskier assets worldwide extend their sell-off.

The largest cryptocurrency was trading down 8.8% at $33,058, its lowest since July 23, taking losses from its all-time high of $69,000 hit in November past 50%.

The U.S. State Department said on Sunday it was ordering diplomats' family members to leave Ukraine in one of the clearest signs yet that American officials are bracing for an aggressive Russian move in the region.

Fears of conflict pummelled shares across the world while bolstering the dollar and oil.

Nerves over the U.S. Federal Reserve's two-day meeting, starting on Tuesday, added to the mix, with the central bank expected to confirm it will soon start draining the pool of liquidity that has supercharged growth stocks.

Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also slumped. Second-largest digital coin ether fell 13% to $2,202, its lowest since July 27. Binance Coin, the fourth-biggest token that is issued by the eponymous crypto exchange, was down 12%.

"Bitcoin will face headwinds going back up until the macroeconomic conditions change," said Mark Elenowitz, president of Horizon, a firm that services securities exchanges.

"Generally speaking, when rates are hiked, we could see more sell-offs of seemingly risk-on assets like bitcoin."

U.S.-listed cryptocurrency miners Riot Blockchain, Marathon Digital and Bit Digital slumped between 7.3% and 12% in premarket trading, while crypto exchange Coinbase (NASDAQ:COIN) Global dropped 7.8%.

 

 

GRAPHIC - Bitcoin/gold

https://fingfx.thomsonreuters.com/gfx/mkt/lgvdwjdoapo/btc.PNG

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    • With the CryptoSpace evolving everydayy, a plethora of ways also trump up for users to earn and have fun alongside. Some of these events are my favourites. I have participated in a couple of them and the potential to earn therefrom is immense.  Just recently, I came across an event on Bitget for its users to earn passively as well as an opportunity to spin the wheel to win an all expense tour to Santorini island. The criteria for participating in this is relatively simple, you just need to make a net deposit of over 100 USDT and maintain the amount for a day. Depositing greater sums like $500 USDT, 1000 USDT and 1 BTC can further your chances of winning. The more tasks completed, the more spins a participant may have. The event is exclusively restricted to users from the; United Kingdom, Canada, Australia/DACH, French, Italian, Netherlands, Sweden and Poland region. The total prize pool is $50,000 based on FCFS serve basis. This sounds too good to look away from.
    • Still the silence is deafening in here. When will this happen?  it have moved most my Trading Capital to another broker who does support Trading veiw Does the deal with Tastytrade have something to do with this lack of progress?  
    • Well to me I feel that the  crypto market values transparency and reliable services. And Bitget has embraced this approach, attracting a large following,gaining up to 1.4million twitter followers,. Recent data shows significant growth in trading volume, solidifying its position in the market.  The exchanges  focus on user protection and satisfaction has fostered a loyal community. As the platform continues to evolve, its value may continue to grow. What are your thoughts on the importance of value in crypto, and what do you see as Bitget's future potential?
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