Bitcoin Cryptocurrency Price Until Ethereum Drops
Rancakmedia.com -As a result of Russia's invasion of Ukraine, Bitcoin and Ethereum prices have fallen. When Russia invaded Ukraine yesterday, the prices of cryptocurrencies such as bitcoin and ethereum fell. Crypto prices are rising again this morning.
Bitcoin, ethereum, and solana all saw their value plummet yesterday due to the Russian invasion of Ukraine (24/2). Cryptocurrency prices rebounded today (25/2).
According to Coindesk, the price of bitcoin fell from $39,900 to $34 thousand in trading yesterday (24/2). Meanwhile, ethereum fell from US$ 2,742 to US$ 2,331.
XRP fell from US$ 0.737 to US$ 0.634. Then, Cardano from US$0.944 to US$0.765. After that, the price of Dogecoin fell from $0.134 to $0.111. From $92 to $76 on Solana.
In the United States (US), the price of bitcoin fell 4.5 percent on Thursday (24/2). Then ethereum fell 6 percent, XRP 12.6 percent, cardano 9.7 percent, and solana 9.0 percent.
Reasons Bitcoin Ethereum Price Dropped
Economist from the Vienna Institute for International Economic Studies, Philipp Heimberger notes that this decline in crypto prices is in line with Russia's invasion of Ukraine. According to the decline, cryptocurrencies are not a good alternative for investors seeking stability in a volatile economy.
This is different from typical hedges that tend to strengthen during a war crisis, such as gold. “Bitcoin and other cryptocurrencies are not an appropriate hedge against geopolitical risks,” added Heimberger.
Moreover, Russia's invasion of Ukraine prompted many crypto investors to quickly liquidate their investments. “The most volatile asset is Bitcoin. In light of Russia's invasion of Ukraine, selling pressure on the cryptocurrency has increased by 10% to 15%” OandA Senior Market Analyst Edward Moya reported to CBS News.
Moreover, Russia produces 13.6 percent of the world's crypto mining. After the United States and Kazakhstan, this places the country as the third largest producer.
However, today (25/2), crypto prices started to rebound. The price of one bitcoin has increased by 9.6% to $38.756. Ethereum also jumped 3 percent to $2.617, XRP 0.65 percent, cardano 3.77 percent and solana 9.47 percent.
Conclusion
Cryptocurrency prices fell yesterday as a result of Russia's invasion of Ukraine. Bitcoin price fell from $39,900 to $34 thousand in trading yesterday (24/2). ethereum is down 6 percent, XRP 12.6 percent, cardano 9.7 percent, and solana 9.0 percent. Today (25/2), crypto prices started to rebound, with one bitcoin up 9.6% to $38.756. Russia is the third largest producer of crypto mining after the US and Kazakhstan.
