Bitcoin market spirals as Russia Descends On Ukraine

<h4>Bitcoin market spirals over war in eastern Europe<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> re&lbrack;orts that Bitcoin&comma; the world’s largest cryptocurrency&comma; has lost &dollar;33&period;19 billion in market capitalisation as its trading price slipped to &dollar;35&comma;000 in the wake of Russia’s invasion of Ukraine&period;<br &sol;>&NewLine;News of Russia’s &OpenCurlyQuote;special military operation’ in Ukraine has sent the crypto market spiralling down&comma; tumbling along with traditional markets&period;<br &sol;>&NewLine;On Wednesday&comma; BTC had a market cap of &dollar;707&period;39 billion and closed trading at &dollar;37&comma;296&period;57&period; However&comma; as of 3&colon;04pm on Thursday&comma; BTC’s market cap had fallen to &dollar;674&period;19 billion and was trading at &dollar;35&comma;549&period;04&period;<br &sol;>&NewLine;Reacting to the tumble in the market&comma; Chief Executive Officer&comma; FTX&comma; Sam Bankman-Fried&comma; said&comma; &OpenCurlyDoubleQuote;So there are arguments both ways for what should be happening to <a href&equals;"https&colon;&sol;&sol;punchng&period;com&sol;">BTC<&sol;a> right now&period;<br &sol;>&NewLine;&OpenCurlyDoubleQuote;I’m not really sure I would have guessed it would go down based on the fundamentals&period; But it is down&comma; a lot&excl; Why&quest;”<br &sol;>&NewLine;He added that the Ukraine saga would have financial consequences for European Union neighbours’ financial robustness&period;<br &sol;>&NewLine;He said&comma; &OpenCurlyDoubleQuote;It makes sense that stocks are down&period; War is generally bad&period; What should BTC be doing here&quest; Well&comma; on the one hand&comma; if the world gets shittier&comma; people have less free cash&period; Basically&comma; selling BTC — along with stocks&comma; etc&period; — to pay for war&period;”<br &sol;>&NewLine;Prior to this&comma; traditional financial markets along with crypto markets have been sliding for the past week&comma; although Thursday’s slide has been rapid&period;<br &sol;>&NewLine;Russia’s invasion has led to a &dollar;500 billion crypto market sell-off according to CoinTelegraph&comma; with a majority of the cryptocurrencies losing crucial support as a result of a three-month low&period;<br &sol;>&NewLine;Crypto’s market cap has witnessed a 10 per cent decline during early morning Asian trading hours&comma; falling below &dollar;1&period;5 trillion&period;<&sol;p>&NewLine;<p><strong>Source&colon; Punch Newspaper<&sol;strong><&sol;p>&NewLine;