Bitcoin Skids To 6 Month Low As Fears of Ukraine Conflict Shake Markets

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  • Bitcoin tumbled over 7 per cent on Monday.
  • The largest cryptocurrency trading down 7.5 per cent at $33,538, its lowest since July 24.
  • Anxious markets are now even pricing in a small chance the Fed may hike interest rates this week.

The fears of a Russian attack on Ukraine has disturbed the bitcoin rates as well the stock rates in the stock market, reports Business Standards.

Consequences of the attack on bitcoins

Bitcoin tumbled over 7 per cent on Monday to its lowest in six months, as fears of a Russian attack on Ukraine saw riskier assets worldwide extend their selloff.

The largest cryptocurrency trading down 7.5 per cent at $33,538, its lowest since July 24, taking losses from its all-time high of $69,000 hit in November past 50 per cent.

The US State Department said on Sunday it was ordering diplomats’ family members to leave Ukraine in one of the clearest signs yet that American officials are bracing for an aggressive Russian move in the region.

The stock market and its pricing during the last week

Wall Street stocks, too, opened down sharply, after last week posting their worst week since 2020. Most global markets traded in the red on Monday.

Anxious markets are now even pricing in a small chance the Fed may hike interest rates this week, though the overwhelming expectation is for the first move to 0.25 per cent in March and three more to 1.0 per cent by year-end.

The US dollar, which added 0.5 per cent to a basket of currencies last week and last stood up 0.45 per cent at 96.075.

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Source: Business Standards

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