Bitcoin and other cryptocurrencies experienced heavy swings over the past 24 hours amid Russia’s invasion of Ukraine.
While U.S. President Biden imposed new sanctions on Russia for the attack, Russian airstrikes caused declines across speculative assets worldwide, including cryptocurrencies.
Losing almost 9%, with Bitcoin (BTC) falling as much as 7%, the crypto market capitalization across all cryptos shrank towards $1.5 trillion.
BTC tanked to a low of $34,529 in the early trading hours short after the Russian offensive began, however has since moved back up to $38,638 at the time of writing, according to CoinMarketCap data.
According to independent crypto analyst, Michael van de Poppe, the initial panic seems to be over:
Honest view; panic is over for a few days/maybe weeks.
Markets reacting in a sense that #Gold is going to correct, risk-on assets like equities and #Bitcoin are going up.
Potentially runs of 20-45% on #altcoins to happen.
— Michaël van de Poppe (@CryptoMichNL) February 24, 2022
FTX founder and CEO Sam Bankman-Fried, also took to Twitter and explained his view on the recent price volatility of Bitcoin, in times of geopolitical tensions.
7) Well, let's say there are 2 types of people in the world: fundamental investors and algorithm followers.
Fundamental investors look at the situation and are uncertain which direction BTC/USD should move.
Algorithm followers consult the data. Historically, what's the trend?
— SBF (@SBF_FTX) February 24, 2022
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