Bitcoin, Ethereum, XRP and other cryptos fall sharply this February 24 due to the war in Ukraine. Bitcoin fell 8.5% to $34,337 after Vladimir Putin announced he was attacking Ukraine.
Ethereum, the second most powerful crypto, fell by 12% and its price is $2,301, while other cryptocurrencies such as XRP, Cardano and Solana also fell, according to Bloomberg.
This situation of the fall of the main cryptocurrencies due to the war between Russia and Ukraine proves that cryptocurrencies are assets with great variations, risky investments, largely due to their increasing integration with the global financial markets, causing them to become mobile like other risky assets, according to Ben Caselin, head of research and strategy at cryptocurrency exchange AAX.
The crisis between Russia and Ukraine “could cause cryptocurrency prices to drop significantly in the short term”said Jonathan Tse, chief operating officer of crypto platform Copper.co.
“However, this could be what it takes to find an earlier bottom, rather than an ongoing crypto winter for prices to slowly decline,” he added.
Will the price of bitcoin and cryptocurrencies continue to fall?
According to experts, the prices of Bitcoin, Ethereum, XRP, Cardano and Solana, among other cryptocurrenciescould continue to fall due to the crisis in Ukraine.
The next key level to watch in the price of Bitcoin, in the event of further decline, will be $28,000 to $29,000, said Vijay Ayyar, vice president of business development at crypto platform Luno.
If the price falls below this threshold, “we could see (Bitcoin prices) at much lower levels of $20,000 and below,” he warned.