The Cryptocurrency world woke up to another market crash as Russia declared war on Ukraine early Thursday. Every major and small crypto coin is under bloodbath right now. Some even tumbling in the double digits. The world’s largest cryptocurrency, BTC’s price has been down by 9% in the last 24 hours. Meanwhile, many have suggested that it can plunge to the $30,000 price level in the coming days.
The Russian war declaration has triggered the market crash which has led to a $500-billion crypto sell-off till now. Sam Bankman-Fried, CEO of crypto exchange FTX has commented on the decline of BTC. However, he believes that BTC’s decline was no surprise.
Why Bitcoin is down?
In a Twitter thread, the FTX CEO has tried to explain what should be happening to BTC right now with fundamental investors and algorithm followers. He justified with the answer that war has led to a shortage of money in the market which has led to the both traditional and crypto market crash.
3) In the last day, the S&P500 is down about 4%, and BTC is down about 8%.
Why? Well, I mean, because of the obvious.
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— SBF (@SBF_FTX) February 24, 2022
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