Bitcoin drops in price as geopolitical tensions escalate

Heightened tensions between Russia and Ukraine are putting pressure on the cryptocurrency market, which saw a decline in the value of cryptocurrencies on Tuesday. Against this backdrop, bitcoin fell to a two-week low of $36,370. Then its value slightly recovered to $37,192 thousand. The cost of Ethereum has fallen almost to the minimum mark since the last days of January. During the day, Ethereum fell in price by 1.4% – up to 2.548 thousand dollars. The decline in the cryptocurrency market was caused by the signing of a decree by Russian President Vladimir Putin recognizing the autonomy of the self-formed so-called DPR and LPR. In addition, according to this document, the armed forces of Russia are sent to these associations. The whole world reacted negatively to such actions of the Russian president. Analysts note that the reaction of cryptocurrencies to these events indicates that crypto assets are showing more correlation with equity markets than with gold, which is a protective asset.

Source: xCritical.com