Panic As #Bitcoin Sinks Below $40K Amid Possible Global Recession—-Despite ongoing concerns about inflation and a possible global recession, the flagship crypto continued its drop on Tuesday.
Recently, bitcoin has fallen under $40K mark, a drop of 5.4% for the day after touching a high above $47K at the end of March
Ethereum, the second-largest crypto by market value, is trading roughly over $3K, a decline of more than 6% since the middle of last month, after dropping below this threshold earlier in the day.
Optics
The Russian invasion of neighbouring Ukraine disrupted supply chains and increased energy costs, which was already increasing anxiety among crypto investors.
In an attempt to link Donbas with Crimea on the Black Sea, Russian forces continued to mass in the eastern region of Donbas on Monday.
Société Générale, France’s third-largest bank, became the latest major corporation to stop doing business with Russia as European Union allies and others opposed to Russia’s aggression considered additional economic sanctions.
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