Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, shared his thoughts on how the Russia-Ukraine crisis could affect the price performance of Bitcoin (BTC) and the cryptocurrency market.
Cryptocurrency Market Has Fallen
Leading cryptocurrency Bitcoin (BTC) has slumped as Russia took action against Ukraine earlier in the day and negative news from the region. Bitcoin, which declined to the price levels of $ 34,350 during the day, started to be traded at the price levels of $ 35,100 after the last price movements it recorded. This drop in Bitcoin also gave a bearish momentum to the cryptocurrency market, with most altcoins depreciating at high rates. After recording bearish movements, Ethereum (ETH) declined to the $2,300 price levels.
FTX CEO Comments on Market Drop
FTX CEO Sam Bankman-Fried commented on the decline in the crypto money market with his posts on his Twitter account. Expressing that this decline in Bitcoin due to the Russia-Ukraine crisis was not a surprise, Bankman-Fried stated that the tension in the region created a cash crunch in the market and this led to sales in both traditional and crypto markets. The FTX CEO also underlined that the drop was also due to Bitcoin’s increasing correlation with the S&P500.
However, Sam Bankman-Fried stated that this situation may be an alternative for the investors in the region in the future, and therefore this decline in the crypto money market may offer a buying opportunity.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.