Mar 7, 2022
Extreme Fear Drives $400 Billion Crypto Price Crash!
After Russia heated the conflict with Ukraine and sent Russian soldiers to the country’s eastern regions, Bitcoin and cryptocurrency values dropped significantly.
Which Cryptocurrencies Dropped In Price?
Last night, the Bitcoin price dropped to $36,370 per Bitcoin. Ethereum and other top 10 cryptocurrencies, including BNB, Solana, Cardano, and XRP, have fallen rapidly as well. Cardano and XRP have led the market down over 15 per cent in the last 24 hours. Following the fall in crypto fair prices across the board, the current crypto price fall has erased $400 billion from the combined $1.6 trillion crypto market in the previous week, as mood returns to ‘extreme fear’.
Crypto Analysts’ Ideas On Bitcoin Price Drop
“Bitcoin’s haven narrative has almost completely fallen apart as the rising possibility of military conflict, and the worsening U.S.-Russia relationship puts the wider financial market in risk-aversion mode,” Yuya Hasegawa, a crypto market analyst at Bitbank, mentioned in an emailed message.
“Risky assets, from stocks to digital currencies, [have] collapsed with the aggravation of the situation around Ukraine, where investors fear conflict in Eastern Europe,” a senior financial analyst at FxPro, Alex Kuptsikevich, wrote in an email.
Why Have Altcoins Exceeded Bitcoin In Price?
Since early 2020, the prices of Ethereum and its key competitors BNB, Solana, and Cardano have exceeded the price of Bitcoin, as traders and investors believe that the significant smart contract blockchains would ultimately form the foundation of a decentralised Internet.
To Conclude
Investing in cryptocurrency could be risky, and as you read in this news, a conflict between two countries can change the market in a blink of an eye! Besides the crypto news, you should check political and social news to be able to choose the best crypto for investment. Cryptologi.st has handpicked the most updated info you need to make confident crypto decisions.
Source: https://www.cryptologi.st/news/extreme-fear-drives-400-billion-crypto-price-crash
