Bitcoin and other cryptocurrencies tumble as Russia-Ukraine tensions escalate
By Ishika Dangayach on Feb 22, 2022 | 03:32 AM IST
• The world’s largest cryptocurrency prices decline to $36,370
• Ether drops nearly 7% to 2,533.46
The world's largest cryptocurrency fell to $36,370, its lowest level in more than two weeks, a 6.43 % drop in the previous 24 hours.
Ether, the second-largest cryptocurrency in terms of market capitalization slumped 7 % to $2,533.46.
According to CoinMarketCap.com, the worldwide cryptocurrency market capitalization stayed below $2 trillion today, down over 3% to $1.77 trillion, pulled down by today's drop in crypto prices. Since its all-time high of about $69,000 in November of last year, the cryptocurrency token has lost roughly $1 trillion in value.
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The cryptocurrency market fall was exacerbated by rising tensions between Russia and Ukraine. Russian President Vladimir Putin sent soldiers into two separatist territories in eastern Ukraine on Monday, only hours after proclaiming them independent.
Similarly, the price of Dogecoin plummeted 7% to $0.12, while Shiba Inu dropped 8% to $0.000024. Solana was also down 12.34 % to $82.80.
Read more: Bitcoin tumbles 40% from all-time high, falls to three months low
Meanwhile, Bitcoin's November high 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 40% 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 slides below $59,000 as strong dollar and Chinese ban weigh on crypto
“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