After Russia’s strikes on Ukraine, the crypto market is in shambles.
As of 24 Feb 2022
The digital crypto market plummeted when Russia launched a military attack in Ukraine. The largest crypto, Bitcoin, fell as much as 12% on Thursday.
From a high of $39,122, the crypto monster has dropped below $34,500. However, at 13.00 hours IST, it had returned to $34,732, according to data from coinmarketcap.
According to the statistics, overall volumes increased by 41% in the past 24 hours, with Bitcoin worth $32.5 billion changing hands.
According to Sharat Chandra, VP-Research & Strategy, EarthID, “There are no surprises here why Russia is seeking to legalize Bitcoin before invading Ukraine.”
According to the white paper produced by Bitcoin’s pseudonymous inventor Satoshi Nakamoto, the overall circulating supply is 18,966,950 units, with the total quantity limited at 21 million.
According to Chandra, the Put-Call ratio for Bitcoin options expiring on February 25 jumped to 2.18 after Russia declared war. “Investors were purchasing short-term put options.
Today, a total of 137 million Bitcoin put options with an expiration date of February 25 have been transacted “Added he.
In the midst of a violent selloff, not just Bitcoin but even its closest peers felt the wrath. Ethereum and BNB both fell approximately 14%, holding the $23,000 and $325 levels, respectively.
Other altcoins, including XRP, Cardano, Solana, Terra, and Avalanace, have lost up to 17% of their value. In addition, Shiba Inu and Dogecoin, the two most popular meme tokens, fell by 16 percent.
The global cryptocurrency market fell more than 10% to $1.55 trillion. However, the value of digital assets exchanged quickly increased to $108 billion.
According to CoinDCX Research Team, as geopolitical fears mounted, the crypto market capitalization sank into the reds, suggesting an increasingly interwoven linkage between digital assets and financial markets.
“With no end in sight to the current geopolitical turmoil,” the report continued, “the traditional market and the digital asset sector may confront lengthy difficulties in the road ahead.”
