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How does the war between Russia and Ukraine affect the price of Bitcoin?
It is important to know that both cryptocurrencies and the world economy will be directly affected by the continuation of the conflict between Ukraine and Russia.
Just 24 hours after the start of the so-called Russian invasion of Ukraine, it brought about relevant changes in cryptocurrencies, especially Bitcoin. Today the digital currency markets are in the red, while gold regains its position.
A counterproductive situation, since just a few days ago, Russia and even Ukraine legalized bitcoin as legal tender in their country.
What is known about falling prices and markets in the red?
First of all, we have always been very aware of the variations in crypto prices, often due to political decisions, blocking them, or panic sales.
This time the reason for the fall is much more powerful, deep in an announced war, the cryptos begin to lower their prices, in fact it is expected that bitcoin can reach support of up to 30,000 dollars.
Of course, it is about closely following the events of the conflict between the two nations. For now, today, Thursday, February 24, 2022, on CoinmarketCap, the price is around $36,000.
What are the cryptocurrencies with the greatest margin of fall in the face of the war in Russia and Ukraine?
It is indisputable that when Bitcoin falls, the rest of the alcoints come back.
However, for big investors or experienced traders, the biggest hit has been Ethereum, Solana, Cardano, BNB and XRP.
As soon as a fall begins, we cannot guarantee an estimated duration due to the volatility that the markets currently have.
Can we say how long the war will last? Of course not! But as long as the conflict continues, we must be very alert and maintain or make accurate movements with the price of cryptos.
Is holding recommended? If you find yourself in a loss, the important thing will be to hold until you see how the markets react. However, this will always be the decision of each trader.
As Bitcoin falls, gold rises
Many economists have considered gold as a refuge asset, since unlike bitcoin, gold has maintained its price and is even on the rise.
This is due to the behavior of investors in moments of tension caused by various financial crises.
Although it has not risen much, it has been notorious that it continues to be the safe-haven asset with the highest position in the market.
What can we expect?
Definitely, the behavior of the market in the face of possible sanctions between countries and the regulations that are to come will be a mystery. On the other hand, it would be interesting to have an exhaustive analysis during the next 15 days.
Only in this way will we really see how volatile cryptocurrencies can be and what measures will be taken with this type of cryptoactive.
