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Bitcoin And Ether Falling As Risk Assets Flee The Ukraine Turmoil

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As the Ukraine conflict worsened, Western nations imposed further sanctions against Russia when President Vladimir Putin refused to stop attacking its neighbor. As a result, Bitcoin fell below US$40,000 (about RM168,012), while Ether fell as much as 9.4%.

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As of 4.40 p.m. in New York, Bitcoin, the most valuable cryptocurrency by market capitalization, had fallen by nearly 5% to around US$37,450, while Ether had fallen below US$2,600.

The cryptocurrency market sell-off came after a global stock market surge that saw the S&P 500 jump 2.2 percent last Friday (February 25). Bitcoin’s association to stocks is reaching a record high, implying that equities would open lower or at best subdued on Monday.

Western countries agreed to exclude several Russian banks from the SWIFT messenger service and target the Russian Central Bank’s international reserves as part of many other sanctions against Russia. Meanwhile, while combat in Ukraine raged, Russian President Vladimir Putin raised the country’s nuclear alert level, and US nationals were advised to consider departing Russia immediately.

Promising Technicals

Bitcoin stood considerably above the US$32,970 low set on January 24 by strategists such as JPMorgan Chase & Co’s Nikolaos Panigirtzoglou, who claimed it had driven it into oversold territory.
According to Rick Bensignor, the president of Bensignor Investment Strategies and a formerly Morgan Stanley strategist, technical indicators are also optimistic

The issue seemed to be affecting the Bitcoin hash rate, which is the amount of computer power utilized to generate and execute transactions on the network. According to data from Blockchain.com, it was approximately 173.8 million terahashes per second on Saturday, down from a high of 248.1 million terahashes on February 12.

“The Bitcoin hash rate has been declining as many miners in both Ukraine and Russia have been hit by the Ukraine war,” Hayden Hughes, CEO of Alpha Impact, a trading social-media platform, said in a statement on Sunday.

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