PBA ReporterBitcoin, the world’s largest cryptocurrency, has recorded a lose of about $33.19bn in market capitalisation as its trading price dropped to $35k in the wake of Russia’s invasion of Ukraine.
Prime Business Africa gathered that the Nnws of Russia’s ‘special military operation’ in Ukraine has sent the crypto market spiralling down, tumbling along with traditional markets.
This Newspaper learnt that BTC on Wednesday had a market cap of $707.39 billion and closed trading at $37,296.57. However, as of 3:04pm on Thursday, BTC’s market cap had fallen to $674.19 billion and was trading at $35,549.04.
Speaking about the development, Chief Executive Officer, FTX, Sam Bankman-Fried, said: “So there are arguments both ways for what should be happening to BTC right now.
“I’m not really sure I would have guessed it would go down based on the fundamentals. But it is down, a lot! Why?”
“It makes sense that stocks are down. War is generally bad. What should BTC be doing here? Well, on the one hand, if the world gets shittier, people have less free cash. Basically, selling BTC — along with stocks, etc. — to pay for war.”
Bankman-Fried explained further that the Ukraine saga would have financial consequences for European Union neighbours’ financial robustness.
Meanwhile, the traditional financial markets along with crypto markets had been sliding for the past week, before the current report on the market.
This multipurpose Newspaper also gathered that Russia’s invasion has led to a $500 billion crypto market sell-off with a majority of the cryptocurrencies losing crucial support as a result of a three-month low.
Crypto’s market cap has witnessed a 10 per cent decline during early morning Asian trading hours, falling below $1.5 trillion.
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