Jump to content

Bitcoin drops 8% and other cryptocurrencies tumble after Russia attacks Ukraine


Recommended Posts

image.png

image.png

image.png

Cryptocurrencies fell sharply on Thursday after Russia launched an attack on Ukraine.

Bitcoin was down more than 8% at $34,702.18 at around 2:25 a.m. ET on Thursday, according to Coindesk data. That was the lowest level in a month. Ether plunged more than 12% and was trading at $2,325.18.

More than $150 billion has been wiped off the entire cryptocurrency market in the last 24 hours, according to Coinmarketcap data.

The drop in cryptocurrency prices comes as global equity markets tumble following Russia’s military attack on Ukraine. NBC News reported that explosions were heard in Kyiv, the Ukrainian capital.

Cryptocurrencies price moves are often correlated to movements in other risk assets such as stocks.

“Risk assets continue to be weighed down by the Russia-Ukraine conflict and tensions. This includes Bitcoin and cryptocurrencies which are currently still very much viewed as a high risk asset class,” said Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno.

The U.S. and the U.K. have slapped sanctions on Russian banks, individuals and the country’s sovereign debt. The European Union will hold an emergency meeting on Thursday and could reportedly unveil further sanctions on Russia.

Cryptocurrencies have been under pressure since bitcoin hit a record high of nearly $69,000 in early November. Since then, bitcoin has fallen nearly 50%.

Ayyar said that bitcoin could see lows at around $30,000 mark with the key level being the low of between $28,000 and $29,000 seen last July.

If bitcoin manages to hold above that, then it could move to new highs later this year, Ayyar said. But he added that if the price falls below that, then bitcoin could move to the low $20,000 mark.

Last week, the CEO of Chinese cryptocurrency exchange Huobi told CNBC that a new bitcoin bull market may not happen until late 2024. CNBC

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,256
    • Total Posts
      90,862
    • Total Members
      41,359
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    zybory
    Joined 04/02/23 19:09
  • Posts

    • The epidemic in recent years has produced profound changes in people's lifestyles, and many of their activities have started to be developed in the virtual world, which plays an important role in promoting the development of the universe of meta. Games, as an important part of the universe of meta, will be the first industry to gain the benefits , but the following conditions are still indispensable for blockchain games to achieve better development.   - Wallets and Exchanges. Through the use of wallets, game users can truly take control of the assets in the game, and exchanges provide a trading platform and liquidity for these game assets NFT, helping users trade and revitalize their game assets. Wallets are a key application for depositing blockchain assets. Currently, wallets such as Metamask are not enough to support the extensive adoption of block games, and wallets will further advance community drive the popularity of blockchain games.  - Game playability. The biggest difference between blockchain games and traditional games is that gamers are also investors. Many blockchain games have gone out of course, treating all users as investors only and forgetting that the essence of making games is to develop high-quality games that users are interested in paying for. If most people play a game just to make money, and no one is ready to pay for it, it becomes a side-scam. The revenue of the participants of the side scam comes from the money of the people who come later, and if there are not enough people who come later, they will not be able to cash in the revenue, leading to the breakdown.  - Speed and performance. A high level of concurrency is the characteristic of game applications, so Wax, Coinan Chain and Polygon, which are public chains with a high level of concurrency and low fees, have attracted a large number of game developers. In the future, with the maturity of technologies such as Ethernet Layer 2 and slice scaling, as well as the maturity of other gaming public chain technologies compatible with EVM, blockchain games will have a better development and operation environment.  - Cross-chain and interaction. Cross-chain and interaction of game assets will be a direction of future development of metaverse games, and blockchain should be connected and accessible like the Internet. The maturity of cross-chain technology in the future will promote the cross-chain transfer of game assets and NFT, and improve the interaction experience of the system                                                                                     The game should maintain the operation of the project by relying on the payment of some users or selling profitable products, just like the new blockchain game Fairy Cat in 2023, which developed diverse gameplay for players and increased the playability of the game, thus got the recognition of many players. Blockchain games need to work hard on game experience and playability. Token economics is essentially just a kind of interest structure , and even good token economics cannot replace the development, operation and profitability of the project itself. It is believed that with the maturity of the above conditions, more and more game developers and investors will enter this industry and together promote the production of some blockchain games with beautiful graphics, first-class experience and high playability.
    • Hello, Is any interest paid on "available" cash (not "margin") in a spread betting account? For example, if I held £10k in an account and had no open positions. The reason for asking is that I understand that proceeds from short sales in a CFD will receive interest (benchmark-2.5%), so was wondering if that applied to all cash, and couldn't find an answer on the web site.   Thanks.
    • Hi @Mark12 If you are trading shares, you will have the option to place a limit order to sell your existing position. When the market opens, please check if your order level is close to where the market is trading. All the best, OfentseIG
×
×
  • Create New...