Bitcoin slumps amid Russia-Ukraine tensions, evaporating nearly $130 billion from the cryptocurrency market

According to today’s Russian TV (RT) report on the 24th, data from the CoinDesk website showed that the price of the world’s most valuable cryptocurrency, Bitcoin, fell to nearly $33,000 on Monday, a single-day drop of nearly 5%;

Ether, the second-most valuable cryptocurrency by market cap, plunged 9.3 percent in 24 hours, dropping its price to $2,209.

Earlier in the day, both cryptocurrencies fell to their lowest levels since July 2021, both down more than 50% from their all-time highs.

The massive sell-off wiped out nearly $130 billion across the cryptocurrency market and spilled over into the stock market, extending losses earlier this year into its worst week since March 2020.

Risky investments such as technology stocks and digital currencies saw a heavy sell-off, as the report analyzed the increase in geopolitical risks related to conflicts in Russia and Ukraine, as well as the latest move by the Federal Reserve to tighten monetary policy at a faster rate than expected. . In addition, investors are evaluating the impact of further regulatory measures around the world on the cryptocurrency market. Last week, the Central Bank of Russia proposed a ban on the use and mining of digital currencies.

Vijay Ayyar, vice president of development and international expansion at Singapore-based cryptocurrency exchange Luno, told CNBC: “Given the nature of the asset class, Bitcoin and other cryptocurrencies are The market reaction is much more intense. Given the current momentum, we predict Bitcoin could fall to $30,000 to $32,000.”