As Russia continues its tussle with Ukraine, Bitcoin, which is unarguably the world’s largest cryptocurrency, dropped in value as it recorded a loss of $33.19 billion in market capitalisation.
Bitcoin recorded the loss, as its trading slipped to $35,000 in the wake of the ongoing war between the two countries.
On Wednesday, February 23, 2022, Bitcoin had a market capitalisation valued at $707.39 billion and closed trading at $37,296.57 in unit price. However, as at 3:04 pm on Thursday, February 24, the cryptocurrency’s market capitalisation fell to $674.19 billion and was traded at $35,549.04.
Reacting to the tumble in the market on Twitter, Chief Executive Officer, FTX, Sam Bankman-Fried, said, “So there are arguments both ways for what should be happening to BTC right now.
“I’m not really sure I would have guessed it would go down based on the fundamentals. But it is down, a lot! Why?”
Maintaining that the ongoing war would not only have economic consequences on Europe but would also put countries within the region in financial crises.
He said, “It makes sense that stocks are down. War is generally bad. What should BTC be doing here? Well, on the one hand, if the world gets shittier, people have less free cash. Basically, selling BTC—along with stocks, etc.—to pay for the war.”