Cryptocurrency Market Facing Major Swings Russia-Ukraine Tension
Every time there is any type of geopolitical tension and uncertainty looming over countries, the stock market gets a major hit.
But, this time,
when the political tension between Ukraine and Russia is on the rise rapidly, not only regulated but also the unregulated market i.e. Cryptocurrency is feeling the heat.
Currently, the cryptocurrency market is seeing some swings in prices. As the conflict rises, the speculative assists have started dropping rapidly.
This includes all types of assets, including cryptocurrencies as well. Some of the common tokens like bitcoin, Ethereum, Cardano, etc., are showing downward movement.
This type of downward movement of the crypto value is due to a sudden feeling of panic among the investors.
The overall market dropped in value by 9% on 24th February. This happened after Vladimir Putin announced airstrikes across Ukraine and after US president Joe Biden announced sanctions.
The market slid down to $1.4 trillion. Bitcoin showed a drop of 7 percent in one day. In the beginning, the bitcoin value dropped by 9 percent;
then, it showed a rise of almost 2.23 percent. Bitcoin reached the value of approximately $38,000 and again showed an ascending trend.
This is still lower than the value of bitcoin that reached in January. However, in the long run, it is not promising in terms of value, as this crypto has failed to show good positions in 2022.