Bitcoin Plummets Below $40,000 as Tensions Between Russia, Ukraine EscalateThe coin dropped over 6% early Tuesday morning.
ByEmily Rella•
Bitcoin plummeted early this week amid escalating tensions and word of mobilization into Ukraine by Russian troops.
硬币跌破40000美元的估值/ the weekend and then fell about 6.5% from early Monday morning to early Tuesday, per areport byCNN.
As of Tuesday afternoon around 3:00 pm, the coinwas worth around$38,031, down about 13.72% from the week prior and nearly $30,000 less than its all-time high in November 2021.
The decision by Russia's President Vladimir Putin to begin mobilizing troops into two areas of eastern Ukraine that had been recognized as independent to help "keep the peace" has made other European countries and the U.S. decide to impose sanctions that will tighten if Russia continues to escalate military action.
"Tomorrow, the United States will impose sanctions on Russia for this clear violation of international law and Ukraine sovereignty and territorial integrity," Linda Thomas-Greenfield, U.S. Ambassador to the United Nations, said following a U.N. Security Council meeting on Monday,according toReuters.
The impending action has taken the markets by storm, especially in the ever-volatile world of crypto.
Russia itself has also historically had a contentious relationship with crypto and its lack of proper regulation in global markets.
Last month,it was reportedthat the Central Bank of Russia had proposed a complete ban on crypto. Bans on crypto payments and investments on behalf of mutual funds are already in place in the country.
On February 18, the Ministry of Finance in Russia tried to pass a bill in parliament that would call for the regulation of cryptocurrency (from mining to distribution to spending) instead of a total ban, though it's important to note that the Bank of Russia is still calling for a total ban of the industry.
Aseparate reportfrom last November shows that Russians conduct about $5 billion in crypto transactions each year.
Bitcoin wasclimbing back uparound 2.82% day-over-day as of late Tuesday afternoon.
