After the official invasion of Ukraine by Russia, a rapid and sharp decline was observed in both the leading cryptocurrency Bitcoin and altcoins. While the entire cryptocurrency market turned red, Bitcoin (BTC) experienced a decrease of 9.19% in the last 24 hours to $ 35,318, while Ethereum (ETH) experienced a decrease of 12.62% to $ 2,372.

Sam Bankman Fried, the founder and CEO of the famous crypto exchange FTX, evaluating the decline in the post-war market that started with the Russian invasion of Ukraine, shared on his Twitter account. Stating that he thinks the decline in Bitcoin is not a surprise, Sam Bankman Fried stated that the aforementioned Russia-Ukraine war created a cash crunch in the market, which led to sales in both traditional and crypto money markets.

Sam Bankman-Fried

The famous CEO, in the continuation of his share, drew attention to the destabilization of currencies in Eastern Europe and evaluated that investors here may be looking for alternative ways due to the Russia-Ukraine war, which may make BTC an option.

   "Right now BTC can go both ways. I'm not sure I can predict it will go down based on fundamental data. But it's so much the drop! Why? There are two types of people in the world as an investor mindset: Fundamental investors and algorithm followers. Fundamental investors look at the situation and Bitcoin /They are not sure which way the dollar should move. Algorithm followers are looking at the data."

Noting that there was a high correlation between stocks and the cryptocurrency market last year, the CEO of FTX stated that the decline in Bitcoin was also due to the increasing correlation of BTC with the Nasdaq and S&P500. Finally, Fried added that no one knows what will happen, anything can happen, and that he does not want to make any predictions about it.