Russian armed forces attacked Ukraine’s military infrastructure and border guard units, raising tensions between the two countries to new heights. The entire crypto market reacted with big price drops, which was somewhat predicted.
As the country’s president, Volodymyr Zelensky, stated earlier today, “Putin has launched a full-scale invasion of Ukraine,” reports of explosions in multiple Ukrainian military zones began to emerge. The strikes were conducted out against military headquarters, airfields, and stores in Kyiv, Dnipro, and Kharkiv, according to the leader. Warning sirens could be heard in Kyiv and other towns as the Ukrainian authorities declared martial law across the country.
Despite the fact that most western leaders, including US President Joe Biden and UK Prime Minister Boris Johnson, have previously condemned Russia’s activities, it appears to have had little impact on Putin and his administration. On the contrary, CNN broadcast streamed videos of Ukrainian troops and military vehicles crossing the Belarusian border. These acts, in addition to endangering Europe’s peace, had an immediate negative impact on practically all financial markets. Stock markets around the world have plummeted, and the crypto industry is no exception.
In less than a day, Bitcoin fell from over $39,000 to below $34,500. Ethereum, Binance Coin, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and a slew of other cryptocurrencies have all had double-digit price drops. On a daily basis, the liquidations have risen to over $400 million, with more than $300 million in the last 12 hours. The market capitalization of cryptocurrency has dropped below $1.6 trillion, implying a drop of roughly $200 billion since yesterday.
