Bitcoin Price Plunges Amid Geopolitical Fears Over Russia and US Interest Rate Threats

Global investor anxiety over the geopolitical situation in Russia and Ukraine, coupled with the threat of a US Federal Reserve (The Fed) interest rate hike, has triggered a cryptocurrency crash, including Bitcoin (BTC).

The stalemate between Russia and Ukraine has fueled investor concerns about high-risk assets such as cryptocurrencies.

The Fed's projected aggressive monetary tightening to combat inflation has also contributed to selling pressure on digital currencies.

According to Coinbase, the overall cryptocurrency market fell 6.67% in the last 24 hours. Bitcoin, the benchmark cryptocurrency, plunged 7% to Rp584.32 million per coin in trading on Friday, February 18, 2022, until 10:33 WIB.

Terra led the decline in large-cap cryptocurrencies. The digital currency with the trading code LUNA fell 8.75% today, trading at Rp729,71 thousand per coin.

Other large-cap cryptocurrencies that saw the biggest declines include Avalanche (AVAX), down 6.84% to Rp1.29 million per coin. Ethereum (ETH) corrected by 6% to Rp41.78 million per coin, XRP (XRP) fell 5.47% to Rp11,25 thousand per coin.

Following this, Solana (SOL) corrected by 5.36% to Rp1.35 million per coin. Binance Coin (BNB) also fell 5.16% to Rp5.79 million per coin.

Dogecoin (DOGE) dropped 4.99% to Rp2.02 thousand per coin, and Cardano (ADA) fell 4.98% to Rp14.77 thousand per coin. Tether (USDT), however, saw a slight increase of 0.39% to Rp14.36 thousand per coin.