Crypto Catch: Bitcoin drops to US$38k level amid Ukraine-Russia conflict

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Crypto Catch: Bitcoin drops to US$38k level amid Ukraine-Russia conflict

Crypto news, Bitcoin price
Image source: © Elnur | Megapixl.com

Highlights

  • Bitcoin dropped back to US$38,400 over the weekend as volatility returned to the market.
  • Crypto trader Michaël van de Poppe says that crypto leaders Bitcoin and Ethereum could be driven to new lows by the ongoing conflict in Eastern Europe.
  • Japan’s move to target Russian sanction evaders has come after Tokyo put sanctions on Russian officials including President, Vladimir Putin.

Bitcoin Tumbles

Bitcoin has taken yet another tumble after making a strong recovery last week.

The leading crypto in market cap dropped back to US$38,400 over the weekend as volatility returned to the market.

Crypto trader Michaël van de Poppe says that crypto leaders Bitcoin and Ethereum could be driven to new lows by the ongoing conflict in Eastern Europe.

The analyst said that the conflict between Ukraine and Russia is causing economic uncertainties which is adversely affecting indices, inflation rates and the prices of gold and Bitcoin.

He added that crypto traders are driven by impulse and emotion and that the sudden drop in the market has been caused by short-term panic.

Japan to prevent Russia from avoiding sanctions

Japan’s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly trying to find ways of stopping blacklisted Russian entities from avoiding sanctions.

Since Russia’s invasion of Ukraine, the US, UK and EU have imposed sanctions on Russia in an effort to stop Russia from being able to transfer money via conventional means.

A report outlined that the two entities are not planning to block all Russian users. Rather, the report said the regulator is focused on finding ways to stop anyone that uses cryptocurrencies to evade sanctions.

Japan’s move to target Russian sanction evaders has come after Tokyo put sanctions on Russian officials including President, Vladimir Putin.

In a Bloomberg report, Japanese Finance Minister, Shunichi Suzuki explained to parliament how Tokyo is working to plug loopholes that may be exploited by sanctioned Russians.

He said they are closely watching the situations crypto assets in order to secure effectiveness of sanctions against Russia.

Just a few days before Japan decided to impose sanctions against Russia, South Korean cryptocurrency exchanges also announced that they are now stopping users from countries that are at high risks of money laundering.

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Data Source: Coinmarketcap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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