Crypto Crash: Russia-Ukraine Conflict Worries Cause Price Tumble

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In Brief
  • The recent actions of the Russian Federation have had a knock-on effect across the world

  • The market reacted by collapsing to the escalating conflict

  • Members of the crypto community expressed their support for Ukraine

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Crypto crash: Crypto influencers express their concern for Ukrainians as the recent actions of the Russian Federation have had a knock-on effect across the world.

Yesterday began with the news that Russian President Vladimir Putin announced the start of a special operation in the Donbass region.

According to the politician, the aim of the action is “to protect people who have been subjected to harassment and genocide by the Kiev regime for eight years.” To this end, the Russian authorities decided to “fight for the demilitarization and denazification of Ukraine.”

Videos began to appear on the network showing explosions in several cities in Ukraine, including Kharkov.

According to media reports, Russian troops crossed the Kharkov border and a landing of troops and helicopters took place in the Odessa region.

Previously, the editors of BeInCrypto noted that the crypto market has been sensitive to the growing tension between Russia and Ukraine. In the context of the escalating conflict, Bitcoin has repeatedly gone into decline. The market also reacted immediately to Vladimir Putin’s decision to launch a special operation in Donbas.

Crypto Crash: Market reaction

The crypto market reacted to the escalation of the conflict between Russia and Ukraine with a drop. At 07:29 (UTC), Bitcoin was trading at $34,758. In 24 hours, according to CoinMarketCap, the cryptocurrency has fallen by 8.02%.

crypto crash
 BTC Chart: TradingView

Many members of the crypto community were quick to comment on the Actions of the Russian government. Vitalik Buterin, one of the developers of the second-largest cryptocurrency, Ethereum, spoke out.

“Reminder: Ethereum is unbiased, I am not.”

Other popular members of the crypto community joined Vitalik Buterin’s opinion. Lark Davis, a popular cryptocurrency analyst, expressed:

“Praying for everyone in Ukraine, stay safe.”

Similarly, Anthony Pompliano, co-founder of Morgan Creek Digital, sees the economic benefits for local authorities in the actions of the Russian Federation:

“Russia is the third-largest oil producer in the world. Oil has just reached $100 a barrel. The consequences of this situation will be felt around the world.”

Among the participants of the crypto community, there were also those who preferred to focus on those benefiting from the political conflict.

For example, popular analyst Peter Brandt, who was able to correctly predict Bitcoin’s correction in 2018, suggested that the situation could be used to make money from the news:

What should investors prepare for?

Probably, in the context of the escalation of the conflict between Russia and Ukraine, the crypto market will continue to fall.

Chinese journalist Colin Wu drew attention to the fact that many cryptocurrency investors rushed to get rid of Ethereum amid the escalating conflict between Russia and Ukraine.

This is against the background of the appearance of a large number of requests for the settlement of positions in ETH.

The negative dynamics of Bitcoin and other cryptocurrencies also indicate investors’ desire to withdraw assets from the market.

Got something to say about the crypto crash or anything else? Write to us or join the discussion in our Telegram channel.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Cripto periodista. Ha estado escribiendo sobre activos digitales durante los últimos 5 años. Cree que el contenido de alta calidad es extremadamente importante para popularizar las ideas de descentralización.

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