The global markets have reacted strongly to Russia’s announcement of carrying out “special military operations” in Ukraine. After news broke that Russia had begun launching attacks across Ukraine, the market dip escalated.
Over $300 billion has been wiped off the crypto market cap which has dropped around 10.6% on the day, now standing at $1.5 trillion.
Bitcoin, the benchmark cryptocurrency, dropped significantly. Bitcoin (BTC) is trading at around $35,343, down 9.64% in the last 24 hours. Bitcoin even reached an intra-day low of $34,522.
Ethereum (ETH) is also down 13.2%, trading at around $2,400. Among the other top 10 cryptocurrencies by market cap, Cardano (ADA) saw the biggest percentage loss with a 17.8% drop. BNB, XRP, and LUNA are down 12.4%, 13.6%, and 8.29% respectively.
Meanwhile, stablecoins including Tether (USDT), Binance USD (BUSD), and USD Coin (USDC), saw their values appreciate slightly on the day. Trading volumes of stablecoins have been going through the roof as safe-haven demand soared.
Outside the crypto market, the stock market has also crashed while oil prices have been on the rise. The Guardian reports that Russian stock markets have fallen to the lowest level since 2016. The report adds that oil price has risen from $60 per barrel to over $100 per barrel.
Over $300 billion has been wiped off the crypto market cap which has dropped around 10.6% on the day, now standing at $1.5 trillion.
Bitcoin, the benchmark cryptocurrency, dropped significantly. Bitcoin (BTC) is trading at around $35,343, down 9.64% in the last 24 hours. Bitcoin even reached an intra-day low of $34,522.
Ethereum (ETH) is also down 13.2%, trading at around $2,400. Among the other top 10 cryptocurrencies by market cap, Cardano (ADA) saw the biggest percentage loss with a 17.8% drop. BNB, XRP, and LUNA are down 12.4%, 13.6%, and 8.29% respectively.
Meanwhile, stablecoins including Tether (USDT), Binance USD (BUSD), and USD Coin (USDC), saw their values appreciate slightly on the day. Trading volumes of stablecoins have been going through the roof as safe-haven demand soared.
Outside the crypto market, the stock market has also crashed while oil prices have been on the rise. The Guardian reports that Russian stock markets have fallen to the lowest level since 2016. The report adds that oil price has risen from $60 per barrel to over $100 per barrel.