144
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.
- Trending
- Price Analysis
- Bitcoin (BTC) Slips Under Crucial Support of $37,000 as Russia-Ukraine War Fear Intensifies
- ? Attorney Reveals The Move That Will Settle XRP Vs SEC Lawsuit
- ?Bloombergs’ Senior Strategist Sees Bitcoin Hitting Major Milestone In 2022
- Breaking: Bulgarian Stock Exchange Allows Crypto Trading Through ETNs
- Ethereum (ETH) Whale Adds 47 Billion SHIB Tokens; Shiba Inu Now Largest Holding By ETH Whales
- Just-In: Crypto Markets Hit 2-Week Lows As Russia Dashes Summit Hopes
- Ripple Vs SEC: Lawyer Shares Upcoming Biggest Decision In XRP Case
- We May Be Heading For A Crypto Winter Alike 2018: Crypto Analyst
- XRP Vs SEC: Why Court May Reject SEC’s Motion Over Hinman’s Speech?
- On-Chain Metrics: The Green and Red Signals to Watch for Bitcoin (BTC)
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
