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Cryptocurrency

24 Jan 2022

Bitcoin Plunges to Six-Month Low amid Rising Geopolitical Tensions between Russia and Ukraine

The Index Today

Bitcoin on Monday slumped to a record six-month low of nearly 9% as tensions continue to rise between Russia and Ukraine, triggering an extended risk asset selloff.

Bitcoin has been trading at its lowest since July 23rd by 8.8% at $33,058 after a record November profit of $69,000 that surpassed a 50% gain. This comes as mounting geopolitical tensions between Russia and Ukraine impacted OPEC+’s oil production goals while also spurring the U.S. to call back family members of diplomats.

Lesser cryptocurrencies have also dipped following Bitcoin’s plunge. Ether was down by 13% at $2,202 while Binance Coin dropped by 12%.

Horizon President Mark Elenowitz stated, "Bitcoin will face headwinds going back up until the macroeconomic conditions change." He contended that this could lead to an extended selloff of risk assets like Bitcoin.

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