Sunday, June 23, 2024

Cryptocurrencies are plummeting as Russia digs deeper into Ukraine.

Bitcoin and other cryptocurrencies were trading lower after the escalation of war in Ukraine. It looks like the BitMEX case is coming to an end.

With the escalation of war in Ukraine, bitcoin and other cryptocurrencies fell on Sunday. The Russian troops continued to move toward Ukrainian cities including the capital Kyiv. Putin ordered Russian nuclear forces on alert after the US and its European allies announced sanctions on Russia. Later, Ukraine announced holding talks with Russia.

Bitcoin price was affected due to this invasion event and it was trading at $37,800, going down by 3%. Ether was down 5% and trading at $2600. It had started at $2700 at the weekend. Other altcoins also dropped significantly. Terra’s Avalanche and Luna were trading lower at 8.5% and 7% respectively. Bitcoin basically returned to its expected support line at $37,000 that it had come close to last Monday. Analysts say bitcoin can come under $37,000 or lower only if there are more selloffs in the coming days.

The BitMEX case may be nearing conclusion. Its founders Benjamin Delo and Arthur Hayes pleaded guilty in this case for violating the Bank Secrecy Act. The US case against them claimed they failed to implement the KYC (know your customer) and anti-money laundering measures at their platform. The company’s main offices are in Singapore and Hong Kong.

BTC analysts expect it to trade in the range of $30,000 – $46,000 in the coming days. Most crypto market analysts do not think cryptocurrency will be used by Russia as a workaround for the sanctions placed by the US and the European Commission. The crypto market rebounded after the speech of Joe Biden on Thursday.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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