Bitcoin price: Amidst the ongoing crisis in Russia-Ukraine, the cost of Bitcoin has dropped by more than 15% in the last seven days.
Experts say that Russia’s attack on Ukraine last week brought more instability to the crypto market.
Global financial impacts are just one of the many costs of war. Experts also fear that there will be many people, as Ukrainian President Volodymyr Zelensky has announced that more than 100 Ukrainians have been killed on the first day following the attacks.
The attack also improved the lives of Ukrainian citizens, many of whom wanted to flee the country as Zelensky urged others to be prepared to defend their homes from Russian troops and attacks.
Experts say that fluctuations in global financial markets, including cryptocurrency, will undoubtedly follow as the war progresses.
The price of Bitcoin has dropped by more than 15% in the last seven days. In the previous 24 hours alone, Bitcoin costs have risen 12.51 per cent in trading at $ 43,094, according to Coin Market Cap data obtained at the time of writing this report.
On February 24, the value of Bitcoin had dropped to $ 34,904. Since then, the price of the popular crypto asset has dropped by 23 per cent.
The global crypto market has jumped back to $ 2 trillion, rising more than 10% in just the last 24 hours.
Experts say the rise in the price of Bitcoin is due to the emergence of crypto as another standard financial system, currently exposed during the geopolitical crisis in the West.
“The current geopolitical crisis has exposed TradFi’s global error lines and underscores the importance of crypto as an alternative to the Western financial system. To prevent the Ruble from collapsing, the Central Bank of Russia increased interest rates by up to 20%, a massive increase in interest rates. Big
banks also prevent outsiders from selling securities, “Sharat Chandra, VP- Research and Strategy, EarthID, Identity Management Platform, told FE Online.
Therefore, the Russians turn to crypto in large numbers. The price of Bitcoin worth Ruble has reached a height of 9 months. Ukraine is ranked 4th in the Chainalysis Crypto Index. Russia stands 18th in the distance. “After the uncertainty, cryptos became the last resort for people in both countries,” he added.
Experts say that markets often operate in anticipation of an event – either a new revolution to be introduced by the government, the adoption of a new product, or a global catastrophe. Current trends in the crypto market can also be an example of this.
“The war was an event that was expected, and the markets responded while exerting a powerful impact on the market. When the battle starts, the markets fall as a negative outcome, showing signs of recovery.
One can relate this to stock markets and how it has affected similar situations in Palestine, Vietnam, and any other war – the result of which was the collapse of the stock market in the first place, “said Gaurav. Dahake, CEO and founder of Bitbns, said.
“The same thing happened in the case of COVID-19 – in March 2020, and earlier, there were almost a thousand cases in India, the markets crashed, assuming the impact of the epidemic would be great, and only recently did the market begin to emerge and rise.
However, these events will not significantly affect the events that have already started. For example, QT (Quantitative Tightening) will still occur on or around March 15 deficient in the markets, “he added.
Meanwhile, it has been reported that the value of Bitcoin has been higher than the Ruble, the Russian fiat current. Geopolitical events are playing into Bitcoin.
The price of the second most popular crypto, Ether, also gained more than 10% in the last 24 hours and more than 12 per cent in the past wee
Published by – Bharat Anand
Editor- Subbuthai Padma