On the morning of February 24, by decree of Russian President Vladimir Putin, a military operation began in the Donbass. Stock markets reacted with a sharp drop, as did the cryptocurrency market – bitcoin fell to $34,300.
Yesterday, the rate of the first cryptocurrency reached $39,200, but the macroeconomic situation led to a fall in the BTC rate. Only gold has benefited from the escalation of the military conflict in eastern Ukraine – over the past month, the price of the precious metal has increased by almost 10%, and on February 24, gold has risen in price by 1.72%.
The cryptocurrency market continues to show a strong correlation with the stock market. Of course, not only bitcoin was falling – all the top altcoins were in the “red zone”. At the same time, if the BTC rate fell at the moment by 8%, then the ETH rate fell immediately by 12%. The smallest decrease was shown by the LUNA coin – 6.5%.
The total capitalization of the cryptocurrency market has fallen to $1.6 trillion, the lowest since August last year. At the time of publication, the cryptocurrency market has slightly recovered – bitcoin is trading at $35,400, and the market capitalization is $1.67 trillion.
Previously, analysts at Glassnode warned that the cryptocurrency market was bearish.
Source: Bits
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