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Bitcoin and the crypto market endured declines on Thursday as Russia invaded Ukraine. The military move triggered turmoil in the overall financial markets.
Bitcoin price witnessed further downside following crypto market dips in response to increased war tension as Russia attacked Ukraine. The news had the global market plunging. For now, the global market capitalization reflects the market downturn, hovering around $1.58 trillion, following a 10% decline.
Bitcoin seems to accomplish bearish forecasts by some market pundits as the world’s leading crypto appears ready to approach the $30,000 mark amid extended declines. Though Bitcoin attempts recovery, it lacks adequate volumes, translating to weak optimistic moves.
Early trading sessions on Thursday saw Bitcoin price fluctuating around $36,960, a 10.4% fall over the past day. Moreover, Bitcoin stayed 19% lower over the past seven days (Coinbase data).
The crypto market has struggled to achieve record highs of 2021 as Europe conflict, inflating, and uncertainty over crypto-related risks pushed the prices lower. The latest market crash, reflecting declines on FTSE 100, following Russia’s military move to invade Ukraine. That had the UK, US, and EU proposing more sanctions on the nation.
Jen Stoltenberg, NATO Secretary-General, stated that Russia launched attacks aiming at Ukraine’s military organization in an unprovoked and unjustified war. He added that it was a deliberate and long-planned attack by Russia.
The sudden fall in cryptocurrency prices shows the crash that had the market falling in early January might continue. The January sell-off emerged as the crypto mining empire in Kazakhstan experienced political unrest.
Why is Bitcoin Price Down Today?
For now, Bitcoin changes hands around $35,452.9, following a 9% decline over the past day. Bitcoin fluctuated between the $36K and $38K range within this week after failure to hold above the $40K mark on 20 February.
However, Thursday’s early hours saw Bitcoin plunging from $36,887.72 to $34,787.95 before plummeting further towards $34,322. The looming Russia-Ukraine conflict and increasing inflation contribute to BTC’s ongoing downturn.
The situation worsened on Thursday as Russia bombed Ukraine. The developments triggered sell-offs in the financial marketplace as market stability fears saw investors escaping the crypto spectrum.
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