Bitcoin price dropped as much as $34k earlier today, prompting a major crypto sell-off amid the news on the start of the Russian attack on Ukraine. The asset just broke major support that was established mid-last year. At the time of reporting, Bitcoin traded around $35k according to market data provided by TradingView and CoinGecko. With Bitcoin price down, the altcoin market was not spared, led by Ethereum that traded around $2,351, down approximately 13.69 percent.
According to statistics provided by Coinglass, total crypto liquidations in the past 24 hours are around $464.32 million. Whereby approximately 153,675 traders were liquidated in the past 24 hours.
Notably, Bitcoin registered a total liquidation of $145.83 million in the past 24 hours. Whereas Ethereum recorded a total liquidation of $123.24 million during the same period.
Bitcoin and Crypto Sell-Off amid the Worrying Situation in Ukrain Due to Attack from Russia
During the late Asian trading period and early London trading session, traders received news that Russian President Vladimir Putin had ordered a Ukraine invasion. As tension continues to rise in Ukraine and its cities, the west including the United States and European have opted to go for stern sanctions.
Nevertheless, Putin has categorically stated that he is not backing down and the west should get involved.
“Anyone who tries to interfere with us, or even more so, to create threats for our country and our people, must know that Russia’s response will be immediate and will lead you to such consequences as you have never before experienced in your history,” Putin said. “We are ready for any turn of events.”
Bitcoin has significantly shifted from a speculative asset to a fundamental-backed digital asset. Mind you, market strategists have shown how the rising Russia-Ukraine conflict might affect Bitcoin and the entire crypto market.
With major markets including the European Union and the United States having imposed severe sanctions on Moscow, the global supply chain, particularly that of crude oil, is expected to spike in the coming months.
Notably, Russia is a major oil producer and its war announcement has seen crude oil prices spike. Consequently, you can expect every other commodity that relies on crude oil to remain high in prices including food products.
Otherwise, the crypto market is also reacting to h the United States monetary policy including interest rates hikes.
Side Notes
The crypto market has stamped its yearly bear market following the past two year’s bull market. The entire crypto market cap stands around $1.64 trillion, having dropped approximately 11 percent in the past 24 hours.
Ethereum co-founder Vitalik Buterin has condemned the Russian government over the Ukrainian invasion.
“Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine,” Buterin noted in a tweet.
