Bitcoin Investors Weep as it Drops Over N2 million in 4 Days as Russia’s Invasion of Ukraine Continue

Bitcoin Investors Weep as it Drops Over N2 million in 4 Days as Russia’s Invasion of Ukraine Continue

  • As the Russian invasion of Ukraine continues, Bitcoin has plunged in value losing over N2 million in four days
  • The price which rose above N18 million last week have been tainted as investors dump it over uncertainty caused by the Russia-Ukraine war
  • Analysts predict a rebound in the price of premium cryptocurrency as the war in Ukraine enters its second week

As Russia’s aggression in Ukraine enters the second week, the price of premium crypto, Bitcoin has declined, shaving off N2.6 million in four days.

The current trend has reversed gains from the past week when it soared amid the tension in Ukraine.

Bitcoin price plummets as investors dump Cryptos
Bitcoin price plummets as investors dump Cryptos
Source: Facebook

Bitcoin was trading at N15.8 million at the time of writing, below the N16.6 million.

The price of bitcoin rose above N18.6 million by Wednesday.

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Positive news for the bulls

As the world remains uncertain over the Russia-Ukraine war, the market has seen divergence, and there are fears of further plunge for Bitcoin as analysts predict that there may be further crash by May this year, fearing it may drop 50 per cent of its value.

Indicators show that in the last 100 days, Bitcoin hit about N18.6 million and have been abandoned as uncertainties persist over the war in Ukraine.

The price of Bitcoin also plummeted below the 50-day moving average again, stoking fear throughout the market.

Analysts predict that there is still the possibility of bouncing above the average in the next couple of days. According to them, it may yet hit the N18 million mark.

Or, alternatively, if BTC doesn’t recover in the next few days, the next level of support will be $35K, the level that the bulls defended the last time it was tested on the day of the Rissian invasion.

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Bitcoin trades below N124 million amid Russia invasion of Ukraine

Meanwhile, Legit.ng has reported that Bitcoin investors are in tears as the price of the premium cryptocurrency fell below N124 million on Thursday, February 24, 2022, as Russia unleashed an onslaught against Ukraine.

With the price of Bitcoin plummeting, the market cap has been dragged down by 15.43% for the day as it fell below N622.5 trillion.

With the 8 per cent fall by Bitcoin, other altcoins were dragged along. Ether is currently trading at N964,000, down by 13 per cent. Of the leading 20 coins, there is a decline of 14 per cent and above with Cardano’s native token ADA being the biggest hit, losing over 17 per cent.

Source: Legit.ng

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