The cryptocurrency market has been going through a slump for the last few months. The top five cryptocurrencies all suffered losses, with Bitcoin dropping below $35,000.
This downward pressure is being seen as Russia attacks Ukraine and Facebook bans all cryptocurrency ads, which has led to an extreme slump in the day-to-day operations of the crypto market. Analysts have said that these moves are keeping many investors from entering into the volatile cryptocurrency markets.
“The aggravation of tension around Ukraine exerted pressure on risky assets,” said Alex Kuptsikevich, a financial analyst at FxPro, in an email to CoinDesk. “There are growing risks of escalation associated with the introduction of Russian troops into Donbass. In such a situation, risky assets may continue to decline further.”