World's number 1 cryptocurrency Bitcoin tanked below $36,000 as Ukraine-Russia tension intensify on February 24. The popular crypto, which was trading below 37,000 earlier this week after the recent market corrections, has once again plummeted around -8% leaving traders in loss.
The value of Bitcoin competitor Ethereum (ETH) has also gone down by -12% since yesterday as it stood at around $2,370, an all-time low since January 31, while the other cryptocurrencies and altcoins also saw a huge drop in its prices amid the latest market crash.
The global crypto market was trading in the red soon after Russian President Vladimir Putin declared a WAR with Ukraine by approving a ''military operation'' and claiming it's intended to protect civilians.
Should Traders Buy The Dip?
While to many investors, the dipping value of Bitcoin could be a nightmare, to those who are yet to invest seems to be a good opportunity. Buying the dip sometimes reel in huge profits, which traders are always scouting for through trading platforms. However, looking at the trading analytics of Bitcoin, the crypto has not gained much since its all time high in November, 2021, which was at nearly $69,000.
Moreover, crypto expert Peter Schiff recently predicted that if BTC falls below the 30,000, its value go down ever further due to its bearish move. Hence, traders and investors should be well aware of the situation before buying the dip and make a decision based on how the market is moving.
Other cryptocurrencies such as Avalanche dipped nearly -15%, XRP, Solana, Cardano, and Stellar also tanked around the margin of 11% to 14.5% while Terra plummeted by -3.38%. Altcoins Polkadot, Dogecoin and Shiba Inu was down by over -8%, -10% and -13% respectively.
Bitcoin Price, Trading, Market Cap
At the time pf publishing, Bitcoin was trading at $34,835.40, down by -8.67% in a day's trade with a degraded market cap of $660,721,213,792 while on Wednesday, the global crypto market cap stood at $1.72 trillion after a gain of +4.5% .
International Business Times advises its readers, traders, investors and crypto enthusiasts not to fall prey to any rumors revolving around the crypto market and keep an eye on latest trends in cryptocurrencies.