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Bitcoin drops below US$35,000 as Russian troops enter Ukraine

Bitcoin has fallen by 10 percent in the last 24 hours, as an effect of Russian attack on Ukraine
Bitcoin has fallen by 10 percent in the last 24 hours
After a sharp drop that took it down to US$34,338.56, Bitcoin is now back above US$35,000. This dive of the world's most popular cryptocurrency comes as a direct consequence of Russia's military actions in Ukraine and, unfortunately, is also accompanied by a noticeable decline of the global stock market.

Less than 12 hours after Russian troops have begun their attack on Ukraine, the global economy is already feeling the blow. While oil hits US$100 a barrel for the first time since 2014 alongside a 30 percent increase of natural gas prices, Bitcoin and other currencies are going down and the stock market is also going through a decline.

Earlier today, FTX CEO Sam Bankman-Fried headed to Twitter and speculated on the reasons behind Bitcoin's drop. He also noted that the fact that stocks are going down in the aftermath of this military conflict makes sense, but the cryptocurrency market is more fragile. However, this is also happening because a significant part of the crypto trade is made automatically, and algorithm-based trading uses historical trends.

Bankman-Fried also added that markets are illiquid right now and nobody is buying volatile assets in this situation. Right now, many cryptocurrencies are facing more severe drops than Bitcoin. For example, Ethereum, XRP, and Solana are down by almost 13 percent, while Avalanche has fallen by almost 20 percent. 

Bitcoin is down almost 25 percent from the all-time high value of US$68,990.90 as the entire crypto market seems more volatile than ever.

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Codrut Nistor, 2022-02-24 (Update: 2022-02-24)