Bitcoin, Ethereum, and Altcoins Tumble Alongside Stocks as Russia Attacks Ukraine

cryptonews.com:

The whole crypto market once again followed the stock market and tumbled on Thursday as Russia's president Vladimir Putin ordered a “special military operation” to protect the people of the Donbas separatist region in Ukraine, but said Russia will “aim for demilitarization and denazification of Ukraine,” per Bloomberg. It is estimated that Putin had massed 150,000 troops on the border. In a speech on Thursday, Putin appealed to Ukrainian soldiers to lay down their arms and go home. He said Russia doesn’t plan to “occupy” its southern neighbor, but that Russia must “defend itself from those who took Ukraine hostage” -- the US and its allies who had crossed Russia’s “red line” with expansion of the NATO alliance, per the report. 

US equity futures and stocks tumbled Thursday while bonds jumped and oil soared following the news.

Bitcoin trimmed all its gains this month and traded below USD 35,000. It is currently (04:24 UTC) down 8% and remains at a risk of more downsides below USD 35,000.

Similarly, most major altcoins are declining sharply. ETH is down 10% as it broke the USD 2,400 level while XRP dropped below USD 0.65. ADA is down 11% and might soon test the USD 0.80 support.Learn more: Here’s How the Ukraine Crisis Might Impact Bitcoin and the Crypto Market

Total market capitalization

After a recovery wave above USD 38,000, bitcoin price faced sellers near the USD 39,250 level. BTC started a strong decline and broke many supports near USD 37,500. There was a move below the USD 35,000 level, increasing the risk of a move towards USD 33,500.

On the upside, the price might face resistance near the USD 36,500 level. The next key resistance is near the USD 37,500 level, above which the price might rise to USD 38,000.

Ethereum