Why Is The Bitcoin Price Falling?

Why is the Bitcoin price falling? What are the factors that turn the cryptocurrency market upside down? Here are the details...

Bitcoin is declining along with other asset classes as the war between Russia and Ukraine escalates. Bitcoin, which was traded over $ 45 thousand the previous day, was trading at $ 39 thousand 300 as of 00.18 TSI, after two consecutive decreases for two days. Altcoins, especially Ethereum, followed the decline in Bitcoin. Bitcoin declined by 6.5 percent, while Ethereum fell 7.2 percent. Analysts attribute these declines to the escalation of conflict in Ukraine. Stating that this pushes the markets into uncertainty, analysts argue that investors exit risky assets for this reason. Cryptocurrencies, especially Bitcoin, have been on the rise in the past few days. This rise came with the thesis that the Russian rich could switch to cryptocurrencies after the sanctions imposed on Russia. At the same time, the addition of 138 new wallets to the number of wallets with 1000 or more BTC strengthened the claims, but this optimistic wave in Bitcoin did not last long. Influence of China On the other hand, a statement made by the Central Bank of China yesterday was remarkable. The bank announced that it has decided to continue the cryptocurrency bans with the same severity. This was another negative news flow in the market.