The crypto market was largely painted with red on 18th February as the leading cryptocurrencies like Ethereum and Bitcoin were both several percentages down in value within twenty-four hours.
According to the data submitted by CoinMarketCap, during the period, Bitcoin was nearly eight percent down after going through the greatest drop in a single day for this cryptocurrency within almost one month i.e. since 21st January. Since then, the crypto market had recovered significantly and Bitcoin was still ten percent up over fourteen days while the price tumbled in the few hours.
According to the comments emailed by the senior market analyst of OANDA for America, Edward Moya, the danger of the Russian invasion over Ukraine had prompted Wall Street to tighten the belt and its impact was felt in the price change of Bitcoin on 18th February as well. As of now, the price of Bitcoin is USD 40732.
Moya stated that Wall Street was on zero risk mode while Bitcoin was paying the hiked price and the cryptos all over the board were in freefall as the potentially aggressive tightening of the central bank took place and fear loomed over the geopolitical concerns.
The Bitcoin price might also take impact from the overbearing threat of increasing governmental scrutiny across the U.S. after the announcement by the FBI regarding the new division dedicated to crypto crimes. The first director was named by the Department of Justice for the National Cryptocurrency Enforcement Team established recently.
Ethereum had experienced a bit more major tumble in the same period and went down to over eight percent within twenty-four hours. As per the data of CoinMarketCap, Ethereum at the price of USD 2895 was at about forty-one percent off its all-time high of USD 4892 as of November last year.
However, Bitcoin and Ethereum were not the only top two digital coins that went down on 18th February. The majority of the crypto market was red then falling around seven percent with the total cryptocurrency market capital of just more than USD 1.8 trillion as of now.
Solana was down to eight percent at the current price of USD 94. Within twenty four hours, Terra, Shib coin and Polkadot showed more or less the same percentage losses. Greater stumbles within the top hundred by the market capital included the social token platform of Rally that was down to about twenty-four one percent on that day while Theta and Filecoin both dropped around twelve percent each within a day.