CRYPTOCURENCYNEWS. The Russian military operation against Ukraine , which began in the early hours of (2/24/2022) local time, contributed to not only sinking the stock market but also the price of the crypto commodity market.
Meanwhile, the price of gold and shiny oil print extraordinary prices. Economist Peter Brandt predicts that the correction of the cryptocurrency with the largest market, Bitcoin could last for months.
Russia's decision, which further heated political tensions with Ukraine, sparked a mass sell-off that resulted in more than half a billion dollars in losses in the crypto market. Meanwhile, the price of gold reached its highest price in the past year.
The price of gold in the spot market rose 1.9 percent to US $ 1,971.14 per ounce at 5:29 am US time and became the highest price since early January 2021. Some observers believe it will continue to rise to US $ 1980 and then US $ 2,000 per ounce due to rising prices. tensions between Russia and Ukraine.
In addition, inflation in the United States also contributed to the strengthening of gold prices because they were considered to have a hedge value.
“Crude oil prices have already reached US$100 per barrel and may be further up by almost 10 percent to reach around US$110 per barrel in global markets. This is expected to fuel global inflation, which has reached alarming levels," said Anuj Gupta, vice president at IIFL Securities.
On Friday (25/2/2022) morning, the price of BTC had fallen 8 percent in 24 hours in reaction to the invasion of Ukraine.
Bitcoin was trading at around $35,721, down 7.95 percent in the last 24 hours and 17.44 percent in the previous week at a market value of $677.5 billion, according to Coinmarketcap data.
Crypto trading expert Michaël van de Poppe says Bitcoin will find support around $30,000, where there is a large amount of support, and this could signal the start of a trend reversal.
Articel : Odhy
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