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Bitcoin took a serious hit from Ukraine: here’s the reason behind the recent drop! An analyst predicts what could happen to BTC next!
A turbulent Friday, as the U.S.–Iran conflict entered its fifth week, led to a drop in the prices of Bitcoin and other cryptocurrencies.
On Friday morning, Bitcoin (BTC) fell to the $68,500 level, recording a 2% decline over the past 24 hours.
It is claimed that, in addition to the U.S.–Iran war, the ongoing Russia–Ukraine war also played a role in this decline.
Crypto analyst Omkar Godbole stated that the ongoing Russia–Ukraine war may also impact Bitcoin.
The analyst noted that Ukraine recently attacked ports and oil refineries in Russia’s Leningrad region, arguing that this could negatively affect the energy market and, consequently, Bitcoin.
According to market analysts, the damage caused by Ukraine is significant. As a result, approximately 40% of Russia’s oil export capacity has been taken offline.
At this point, the analyst stated that Ukraine’s disruption of Russian oil supplies has added uncertainty to already strained energy markets. This uncertainty in the energy market and rising oil prices have complicated the inflation outlook and increased pressure on risk assets, including Bitcoin, leading to its decline.
The analyst noted: “Previously, the U.S. partially eased sanctions on Russian oil to offset supply shortages caused by the war with Iran, but disruptions in Russian oil supply may weaken the effect of this U.S. move.”
In conclusion, according to the analyst, if further disruptions in oil supply occur, including damage caused by Ukraine to oil companies, global oil prices may rise and inflation may increase. This would delay interest rate cuts by central banks, particularly the U.S. Federal Reserve. This would increase downward pressure on Bitcoin and raise the likelihood of it falling toward the $60,000 level.
See also: "Legendary crypto analyst il Capo: “If Bitcoin exceeds $75,000, the bull market will be confirmed”"
