Bitcoin crashed to almost $36,600, virtual currency market was red

Bitcoin crashed to almost $36,600, virtual currency market was red.

Red color covers the virtual currency market after information about tensions between Russia and Ukraine.

Bitcoin price plunged nearly 6% to nearly $36,600.

The largest digital currency is down 20% since the beginning of 2022 and is almost 50% below the record level of November 2021.

Ethereum — the second largest digital currency — was also down 7% to 2.52$1. Meanwhile, virtual currency meme Dogecoin fell more than 7% to 0.12 USD, while Shiba Inu dived 8%. Other cryptocurrencies like Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot all fell from 5% to 12%.

The sharp drop has dragged the virtual currency’s market cap below the 2,000 billion mark US dollars one February 22nd.

On February 22 (Vietnam time), Russian President Vladimir Putin said he would recognize the independence of two breakaway regions in eastern Ukraine. This could reduce the possibility of peace negotiations between Russia and the US.

Following the announcement, US President Joe Biden signed sanctions on two breakaway regions in eastern Ukraine. At the same time, the European Union (EU) has pledged further measures in this area.

The information comes after the White House said on Feb. 20 that Biden had agreed to hold a summit with Putin to use diplomacy to de-escalate tensions between Russia and Ukraine.

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