Bitcoin’s price has plummeted at the end of February as the crypto market faces a ‘storm’
(Getty Images)
Geopolitical tensions appear to have killed off a strong bitcoin recovery, which saw gains of more than $10,000 for the cryptocurrency in the first half of February.
The price of BTC fell below $37,000 on Tuesday, marking a 15 per cent drop over the last seven days.
The downtrend was mirrored by other leading cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB), Ripple (XRP) and Cardano (ADA), which have all fallen by between 15-20 per cent since mid February.
The losses saw the overall crypto market shrink by around $350 million in just over a week, with analysts warning that continued tensions between Ukraine and Russia could see bitcoin and other cryptocurrencies “spiral”.
You can follow all the latest bitcoin price news and crypto market developments in our live blog below.
We will be posting indepth market analysis from leading figures within the industry, as well as expert price predictions for 2022 and beyond.
More crypto market reaction to Ukraine and Russia events
We’ve heard from Nicholas Cawley, a strategist at finance portal DailyFX, who has more to say about Ukraine’s attitude towards bitcoin and what this might mean for the broader crypto market.
The Russia-Ukraine crisis is affecting all risk markets at the moment, not just bitcoin. The news flow from the region is seemingly biased from both sides while the constant swings in good news/bad news make it difficult to value and trade the market at the current time. Until this changes it is difficult to see any reason to trade bitcoin from either the long or the short side.
From a technical perspective, the break below support at $39.6k has left bitcoin vulnerable to further losses. This negative outlook is also backed up by the market’s take on recent good news. Recent news that Ukraine is in the process of legalizing bitcoin, the Fidelity launch of a bitcoin ETP in Europe, and stories that BlackRock, the $10 trillion asset manager is preparing to offer cryptocurrency support for its customers, would normally give the space a push higher but this hasn’t been the case.
It looks like bitcoin is going to continue to drift sideways with a marginal bias to the downside until the conflict in Eastern Europe is resolved.
Nicholas Cawley, DailyFX
Anthony Cuthbertson22 February 2022 13:07
Ukraine Russia tension sends ‘crypto spiralling’
Crypto market analysts have warned that the market could continue to see losses if tensions between Ukraine and Russia don’t ease relatively soon.
“Geopolitical tension sent crypto spiralling last week, killing off a nascent recover for bitcoin and ether prices, among others,” says Simon Peters, an analyst at the online trading platform eToro.
The crypto market typically doesn’t perform well during times of geopolitical uncertainty, with traders and investors tending to move their wealth into safer assets. Added to the mix is recent moves by both Russian and Ukraine to make their stance towards bitcoin and other cryptocurrencies more official by either regulating or legalising them. A negative approach could accelerate losses, while positive steps could actually have a longer term benefit on the market.
Anthony Cuthbertson22 February 2022 12:44
Bitcoin, altcoin prices tank
Bitcoin has dropped in value by more than 5 per cent in the last day, and its price has inched closer to the $37,000 mark.
The leading cryptocurrency has dropped in value by nearly 15 per cent in the last week amid rising tensions in the Ukraine border.
Ethereum has also tanked at a similar rate in the last 24 hours and is currently valued at around $2,600.
Other leading cryptocurrencies, including cardano and solana have also tanked by about 12 per cent in the last day, while memecoins dogecoin and shiba inu have dropped in value by 7 to 10 per cent during the period.
The overall cryptomarket is down by 6 per cent in the last day and is valued at $1.67 trillion.
The chart looks mostly red with no signs of recovery yet.
Vishwam Sankaran22 February 2022 02:59
Bitcoin, altcoin prices drop over the weekend
Bitcoin has dropped by about 2 per cent in the last 24 hours and is currently priced closer to $39,000 amid continued tensions at the Ukraine border.
The leading cryptocurrency has dropped in value by over 6 per cent in the last week.
Ethereum has dropped in value by over 3 per cent since early Saturday and is down by nearly 5 per cent in the last 7 days.
Other leading cryptocurrencies like cardano and avalanche are also down by 2 to 4 per cent in the last day. However, Solana has soared by over 5 per cent during this period.
Memecoins dogecoin and its spinoff shiba inu remain nearly unchanged compared to their prices 24 hours earlier.
The overall crypto market is down by over a per cent in the last day and is valued at $1.78 trillion.
Vishwam Sankaran21 February 2022 02:51
Bitcoin price drops below $40,000
Bitcoin is back below $40,000 for the first time since early February, following a 10 per cent price drop since yesterday.
(CoinMarketCap)
Other leading cryptocurrencies are also suffering significant losses, with Ethereum (ETH), Ripple (XRP), Cardano (ADA) and Solana (SOL) all falling by between 4-6 per cent over the last 24 hours.
The total losses have wiped close to $100 billion from the overall crypto market cap, according to CoinMarketCap.
Anthony Cuthbertson18 February 2022 16:00
Bitcoin, ether, dogecoin prices fall
Bitcoin price has dropped by over 7 per cent in the last 24 hours, and is valued at around $40,500 as Ukraine tensions rise.
The leading cryptocurrency is down by over 5 per cent compared to its price last week, and is down by 15 per cent compared to its year-to-date high of over $47,000 set on 2 January.
Ethereum is also down by over 7 per cent in the last day and is valued at close to $2,900.
Other leading cryptocurrencies, including cardano, solana, and polkadot are also down by over 5 to 7 per cent in the last day with the overall crypto market falling by over 6 per cent during this period.
Memecoins dogecoin and its spinoff shiba inu are also down by over 5 to 7 per cent in the last 24 hours.
Vishwam Sankaran18 February 2022 02:51
Bitcoin price ‘storm’ warning
Storm clouds are approaching, and it could be up to a “resilient cohort of hodlers” to see them off, according to a new report from on-chain analysis firm Glassnode.
“On-chain supply dynamics are remarkably stable, a likely indication that investors are prepared to ride out whatever storm lies ahead,” the report states.
“Overall, this speaks to the continuing maturation of the Bitcoin market, as liquidity deepens, and more comprehensive risk management instruments become available. This differs greatly in comparison to historical Bitcoin market cycles where de-risking was possible only by the sale of coins in spot markets.”
You can read the full story here.
Anthony Cuthbertson16 February 2022 18:15
Crypto autumn, not crypto winter, says exchange boss
When bitcoin’s price fell by half between November and January, several leading market commentators warned that it could be the beginning of a so-called crypto winter.
The latest bounce back means such fears are yet to be realised, with billionaire crypto entrepreneur Sam Bankman-Fried now suggesting it may be a “crypt autumn”.
Speaking to Business Insider, the boss of the FTX exchange said there had definitely been a slowdown but there remained plenty of momentum and excitement in the space.
Anthony Cuthbertson16 February 2022 14:11
Bitcoin price ‘looking incredibly bullish’
There are more market signals that the price of bitcoin could be set for a big move, according to prominent analyst PlanB.
The pseudonymous Dutch analyst, who has close to 2 million followers on Twitter, is best known for his Stock-to-Flow model, which puts bitcoin’s price on a path towards six figures at some point this year (originally predicted for late last year).
Looking at bitcoin’s weekly relative strength index (RSI) – a momentum indicator that measures the magnitude of recent price changes to analyse overbought or oversold conditions – PlanB sees bitcoin as “looking incredibly bullish”.
Anthony Cuthbertson16 February 2022 10:17
Bitcoin, ether prices rise, Avalanche surges
Bitcoin has grown by about 1 per cent in the last day, taking its price above the $44,000 mark.
The leading cryptocurrency has grown by over 1.5 per cent in the last 7 days, but is still down by nearly 35 per cent compared to its record high of $69,000 in November.
Ethereum has also grown by about 4 per cent in the last 24 hours, and is up by over 2 per cent in the last week.
Meanwhile, Avalanche has surged by more than 11 per cent in the last day, taking its value close to $95.
The overall crypto market has grown by about 2 per cent in the last day and is currently valued at $1.98 trillion.
Vishwam Sankaran16 February 2022 02:53
