- Bitcoin price is down $40k.
- The crypto is showing all red on CoinMarketCap.
- The decline was attributed to the ongoing Russia and Ukraine crisis.
It seems financial tension is after Bitcoin, as the crypto has experienced a drastic decline from its $43k mark to as low as $40k — this means that the crypto has lost 7.5% of its price value.
Meanwhile, Bitcoin struggles to maintain its market momentum steadily to avoid any further decline based on statistics on CoinMarketCap. Moreover, the said crypto is down by 6.92% and 5.44% as its 24-hour and 7-day growth rates, respectively. Regardless of this time’s decline, Bitcoin still ranks as the world’s largest cryptocurrency ever.
What is more, despite BTC’s market downtrend position, traders have a strong hope that BTC will soon smash a new massive strength, as well as garner support to overcome any further price drops in the coming days. In addition, traders think the overall market dominance of Bitcoin is going to be strengthened anytime soon to reclaim its $43k and might even go to the moon.
While Bitcoin is down in price, altcoins and other major cryptocurrencies are also facing negative price actions in their territories. In contrast, BTC correction is attributed to the ongoing Russia and Ukraine crisis. Moreover, the decline has been tagged to President Vladimir Putin’s plan to invade Ukraine. Other concerns behind Bitcoin’s plummet connect to how the Federal Reserve wants to scrutinize BTC and tax Bitcoin.