Bitcoin dropped below $35K on Thursday following the mounting fear in Crypto markets. Warmongering in Russia is taking its toll on world economics.
Bitcoin fell to its two-week low on Tuesday. The price has touched $34K on some local cryptocurrency exchanges. Along with Crypto, other financial markets are also plunging in response to the situation escalating in Ukraine.
BTC/USD pair started to lose ground on Sunday after the news of the global community putting sanctions on Russia following the latter’s plan to invade Ukraine. UK’s Prime Minister Joe Biden announced a blockade on Russian financial firms.
The world has been crying over the prospects of World War 3 ever since Russian tensions with Ukraine started. Bitcoin suffered a sell-off following the news. However, it maintained support around $40K for some time. On Tuesday, Bitcoin plunged to $36K.
Vladimir Putin announced the Ukrainian invasion via National TV Broadcast. Missile explosions are being heard in many areas of Ukraine including the capital of Kiev. The markets have plunged in response to the attack.
Russian president says that the world powers intervening in the matter will have to deal with serious consequences. This situation could bring around world war 3 in the region.
Bitcoin price has dropped 9% in the last 24 hours. Other major altcoins such as Ethereum, Ripple, Solana, and BNB have also plunged significantly. Overall Crypto market is down by 8.25%.
Opinion Leaders from the Crypto industry have made comments on the War Situation. Russian/Canadian Ethereum Founder, Vitalik Buterin, took to Twitter this morning and wrote,
Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine.
The volatile Global Situation will have an impact on the prices of Crypto markets in the weeks to come.