Bitcoin Trades Below N124 Million Amid Russia Invasion of Ukraine
- The price of major cryptocurrencies are taking tumble as Russia invaded Ukraine on Wednesday February 23, 2022
- Bitcoin fell below $34,000 representing 8 per cent dragging along other altcoins in the process as investors grow cautious
- As the invasion continues, there is the likelihood of inventors seeing more bearish trends as they seek more assets that are seen as safe havens
Bitcoin investors are in tears as the price of the premium cryptocurrency fell below N124 million on Thursday, February 24, 2022, as Russia unleashed an onslaught against Ukraine.
With the price of Bitcoin plummeting, the market cap has been dragged down by 15.43% for the day as it fell below N622.5 trillion.
Source: Facebook
Crash spurred by tension in Ukraine
With the 8 per cent fall by Bitcoin, other altcoins were dragged along. Ether is currently trading at N964,000, down by 13 per cent. Of the leading 20 coins, there is a decline of 14 per cent and above with Cardano’s native token ADA being the biggest hit, losing over 17 per cent.
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What you should know
Investors grew less optimistic about holding crypto assets as Russia invaded Ukraine as they fear it is too risky to hold as the tension escalates.
As the invasion continues, there is the likelihood of inventors seeing more bearish trends as they seek more assets that are seen as safe havens like Gold and precious metals.
Attention may also be shifted to other safety nets like treasury bills and bonds.
Bitcoin investors see red as over 300,000 crypto traders lose N952bn in investment
Legit.ng has reported that It was a red weekend for Crypto traders as about 375,113 investors lost over $2.33 billion (N8 trillion) on what is considered one of the worst days in Crypto history.
Bitcoin took a bloody nose as investors of the premium Crypto asset saw it dip below $44,000 (more than N18 million).
DOTUSD was the single largest loser on Bifinex, a crypto trading platform. Its loss was valued at $28 million (over N1 billion) and about $1 billion (about (N414 trillion) wiped from traders with exposures from its futures market, according to a Nairametrics report.
Source: Legit.ng
