Crypto market drops $200bn after Russian invasion of Ukraine

Following the Russian invasion of Ukraine the cryptocurrency market cap has declined by $200bn.

Many of the crypto industry’s biggest and most established companies are seeing a huge plummet in funds.

According to CoinMarketCap, the current market cap of all cryptocurrencies sits at approximately $1.56tn, which has fallen from a high of $1.77tn.

At the time of writing, the price of bitcoin (BTC) stands at $38, 287.85. Overall it has fallen by 1.65% in the past 7 days, with a decline of 2.03% in the last 24 hours.

It’s not just BTC that has fallen, the second-largest cryptocurrency, Ethereum, has fallen by 2.26% in the past 7 days, with the price declining by 3.44% in the last 24 hours.

Other popular cryptocurrencies; Cardano, XRP and Solana have also faced downward spirals following the announcement of the Russian military invasion.

As a result of international sanctions, Russian equities have also dropped by over $250bn.

In an attempt to stabilize the Russian economy, which has seen a nose dive to record lows as detrimental as those seen in 2016, the Bank of Russia has decided to intervene in the foreign exchange market.

Markets globally have also seen the impact of the Ukrainian attacks. The US S&P and Nasdaq 100 are down 1.8% and 2.6%. Gold also last traded at $1,897.76 per troy ounce, which was down 0.5% on the previous day.

Funds may be at a loss but humanity is not. Recently, the cryptocurrency community has been uniting to help Kyiv and the cities of Ukraine, with more than $15m in cryptocurrency donated to Ukrainian groups since Russia attacked the country on February 24.

If you have some BTC and you wish to spend it, you may do so at Bitcasino, 1xBit or FortuneJack.

 

Source

Updated: 02/28/2022 — 10:00