As the entire cryptocurrency market collapses, Bitcoin falls below $37,000
Bitcoin plunged more than 6%, to its lowest level since February 3, while Ethereum fell more than 7%, to its lowest level since January 31.
According to CoinDesk, when Russian President Vladimir Putin gave a tough statement amid growing tensions on the Russia-Ukraine border, Bitcoin and other cryptocurrency prices plummeted, putting the entire crypto market in the red.
TANK FOR BITCOIN AND ETHEREUM
Bitcoin, the world’s most popular cryptocurrency, fell almost 6% to $36,673, its lowest level since February 3.
Ethereum, the second biggest cryptocurrency, was down more than 7% to $2,519, its lowest level since January 31.
OTHER CRYPTOCURRENCIES DOWN
XRP was down 14%, Solana was down 12.9%, Terra was down 3.38 percent, Cardano was down 14.13%, Avalanche was down 15.91 percent, and Stellar was down 12.13 percent.
Polkadot was down more than 8%, Dogecoin was down more than 10%, Shiba Inu was down 13%, and Polygon was down more than 13%, among other alt currencies.
TANKS IN THE GLOBAL CRYPTO MARKET
“Over the last 24 hours, the global crypto market volume declined by approximately 7%, while trade volume increased by 45 percent. Bitcoin and Ethereum fell below the US$37,000 and US$2,600 marks, respectively “Mudrex’s CEO and Co-Founder, Edul Patel, said.
“The lowest support price for BTC is between US$30,000 and US$35,000. If the BTC falls below these support levels, it is possible that it may revert to the trend in 2018. Following Russian President Vladimir Putin’s address, most cryptocurrencies have likewise dropped in value over the last day. The impact of the Russian-Ukraine conflict on the cryptocurrency market may be seen “Patel explained.
