Feb 22, 2022
The world’s largest cryptocurrency Bitcoin (BTC) has slipped under its crucial support levels of $37,000 and is currently trading 6.195 down at $36,619 with a market cap of $693 billion.
This comes amid the broader market correction as the overall crypto market takes a 7% dive losing more than $100 billion of investors’ wealth in the last 24 hours.
The recent plunge comes amid the news that Russian President Vladimir Putin recognizes Ukraine’s rebel areas as independent and orders troops to move in while escalating the fears of war.
Well, it unclear whether if the movement of the Russian troops marks the beginning of the Ukraine invasion. however, it certainly sets the beginning of what could lead to a long military operation targeting the country.
Well, the correction in the altcoin space is even deeper as of now. Almost all of the top-ten altcoins including Ethereum (ETH) have plunged between 7-15%. The ETH price is down 6.92% and is currently trading at $2,592 with a market cap of $301 billion.
With today’s correction, Bitcoin and all other top ten cryptocurrencies are down by a staggering 15-25% on the weekly chart.