NewsOnline reports that Bitcoin has fallen massively below the $35,000 support zone in the Asian trading session today as Russian President, Vladimir Putin, authorized a special military operation in Ukraine, representing a full invasion of the country.
With Bitcoin down, as you would expect, the broader cryptocurrency market is down. The cryptocurrency market capitalization is currently down 15.43% for the day, falling below the $1.5 trillion mark, to currently stand at $1.45 trillion.
With Bitcoin down 8%, other altcoins are down even more. Ether for example, is currently trading $2,323 as of the time of this writing, down 13%. Of the top 20 altcoins, we are seeing decline of 14% and above with Cardano’s native token ADA being the largest decliner, losing over 17% as of the time of this writing.
As the invasion continues, it is likely we see more bearishness in the cryptocurrency space as investors will seek out to invest in more assets that are perceived as safe havens like Gold and other precious metals. Also, there will be more focus on investing in safety net investments like treasury bills and bonds as investors will seek to make sense of the current crisis. Bitcoin currently trades $34,700 as of the time of this writing.
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