Bitcoin and other cryptocurrencies slide as Russia declares war on Ukraine
By Ishika Dangayach on Feb 24, 2022 | 03:34 AM IST
• The world’s largest cryptocurrency prices decline to $35,405
• Ether drops nearly 8% to $2,378.21.
The world's largest cryptocurrency fell more than 5% to $35,405.30. Earlier this morning, the cryptocurrency fell more than 8% to $34,702.18, its lowest level in a month,
Ether, the second-largest cryptocurrency in terms of market capitalization slumped more than 8 % to $2,378.21.
According to CoinMarketCap.com, the worldwide cryptocurrency market capitalization lost more than $160 billion in the previous 24 hours, which is pulled down by today's drop in crypto prices.
Read more: Bitcoin slides below $59,000 as strong dollar and Chinese ban weigh on crypto
The cryptocurrency market fall was exacerbated by rising tensions between Russia and Ukraine. Russian President Vladimir Putin launched an attack on Ukraine early Thursday local time. The order comes only days after Putin sent soldiers into two separatist territories in eastern Ukraine.
According to NBC News, explosions were heard in Kyiv, Ukraine's capital.
Similarly, the price of Dogecoin plummeted 11 % to $0.11, while Shiba Inu dropped 17 % to $0.00002198. Solana was also down 10.8 % to $81.94.
Read more: Bitcoin tumbles 40% from all-time high, falls to three months low
Meanwhile, Bitcoin's all-time high of about $69,000 in November of last year came after the US government revealed that US inflation was at a 30-year high, with consumer prices rising 6.2 %, forcing investors to seek inflation hedges such as digital assets and gold.
However, Bitcoin values have dropped roughly 50% from their all-time high.
The next bitcoin bull market, according to Du Jun, co-founder of cryptocurrency exchange Huobi, is unlikely to occur until 2024 at the earliest, when the next so-called "halving" event is scheduled, CNBC reported.
Read more: Bitcoin and other cryptocurrencies decline as the Fed confirms interest rate hikes
“Following this cycle, it won’t be until the end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin,” Du said.
Picture Credits: Live Mint