Bitcoin tanks 12% after Moscow strike on Ukraine; altcoins bleed
The crypto behemoth slipped below $34,500 levels from $39,122 earlier. However, it recovered back to $34,732 by 13.00 hours IST, the data from coinmarketcap suggested. The total volumes zoomed over 41 per cent as Bitcoin worth $32.5 billion exchanged hands in the last 24 hours, the data suggested. The Biden administration enacted fresh sanctions on Russia over the conflict in Ukraine, aiming to thwart its access to foreign capital. According to a New York Times report, Russia could use cryptocurrency to blunt the force of US sanctions.
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View Details »There are no surprises here why Russia is eyeing to legalize Bitcoin before invading Ukraine, said Sharat Chandra, VP- Research & Strategy, EarthID. The total circulating supply of Bitcoin stands at 18,966,950 units, with total supply capped at 21 million according to its white paper, filed by its pseudonymous founder Satoshi Nakamoto. The Put-Call ratio for Bitcoin options expiring on February 25 surged to 2.18 after Russia declared war, said Chandra. «Investors were buying short-term put options. As of now, a total of 137 million Bitcoin put options expiring on February 25 have been traded today,» he added. Not only Bitcoin, its closest peers also faced the wrath amid a sharp selloff. Ethereum and BNB dropped about 14 per cent each to barely hold the $23,000 and $325 mark, respectively. Other Altcoins including XRP, Cardano, Solana, Terra and Avalanace tumbled up to 17 per cent. Leading meme tokens Shiba Inu and Dogecoin crumbled 16 per cent each. The global crypto market tanked more than 10 per
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