Bitcoin (BTC) Price Falls as Russia’s Invasion of Ukraine Continues
- Short-term and long-term holders have a wider disparity in this catastrophe.
- DeFi ‘Godfather’ Andre Cronje has quit the crypto sector.
During the last few days, the value of Bitcoin has fallen sharply, virtually undoing the gains made in the previous week. Over the last four days alone, it lost $6.5K. The biggest cryptocurrency, by market capitalization, was trading at $37.8K, much below the $40K level as a result of the Ukraine conflict and the recent news of Andre Cronje quitting the crypto sector.
A two-week milestone in Russia’s invasion of Ukraine means that the stakes for both sides in the ground battle are expected to escalate, with potentially devastating repercussions for civilians and greater hurdles for Ukraine’s surprisingly effective defence of its territory.
To reassure people of an amicable conclusion, Russian President Vladimir Putin said again on Sunday that the conflict would continue until Ukraine submits to his demands and quits its resistance. Ukraine has to “demilitarise,” and Putin has declared that this can only be accomplished by toppling the existing administration.
Bulls have had an incredible ride in the previous week, with bitcoin’s price soaring from $38,000 to $45,000 by lunchtime Wednesday. Short-term and long-term holders have a wider disparity in this catastrophe than in May 2021, when the market plunged 50 percent.
It is possible to retake the major moving average line within the following several days. There’s a chance the $45K resolution may be revisited in such a situation. It’s also possible that if BTC doesn’t rebound within a few days, the next level of support will be $35K, which was previously held by bulls on the day of the Russian invasion.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
