The growing conflict between Russia and Ukraine continues to affect financial markets and crypto markets. The price of Bitcoin has plummeted by $ 3,000 in a day, while most altcoins have experienced a 2 -digit percentage price drop in 24 hours.
In the past week, the price of bitcoin has just traded at the $ 45,000 level which gives market players hope for the price to soar. But the price level could not be maintained until the price correction (bearish) in the market took over which caused the price of Bitcoin to drop $ 5000 to $ 40,000.
This level becomes an important level of support that is the focus. Being at this level for a while and then driven by negative sentiment, the final BTC price fell even more. The temporary recovery that took place yesterday did not last long until it brought the BTC price down to $ 36,000 or about $ 400 million diluted. Market players can now only expect the BTC price to return to the $ 40,000 level to breathe a sigh of relief.
Geopolitical factors are the main factors influencing the crypto market at the moment. The latest reports state Russia has ordered troops to enter two rebel -held territories in eastern Ukraine after recognizing them as an independent state.
The US and the EU continue to threaten President Putin and his administration with some sanctions but they have yet to show results.
The BTC price as of this writing made a slight recovery to the price level of 37,890.72.Ethereum (ETH) also did not lag behind recording a trading value of $ 2,614, down 3% after hovering in the price zone for two days.
Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), Theta Network (THETA), GALA, FLOW, and Tezos (XTZ) have each declined over 12% -16% over the same period.
