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Cryptocurrency market dives as Russia attacks Ukraine

By Daniela Ešnerová


Updated

BTC coin, red market move lines.
BTC plunged below $35,000 to reach its month low – Photo: Shutterstock

Some $200m was wiped of the cryptocurrency market in the recent sell-off, as Russia launched a full-scale invasion of Ukraine.

Commenting on Russia’s attack, Josep Borrell Fontelles, high representative of the EU for Foreign Affairs and Security Policy and vice-pPresident of the EU Commission, said: “These are among the darkest hours of Europe since the Second World War.”

As a result of the news, bitcoin (BTC) plunged below $35,000 to reach its February month low. Equities also plunged, while crude oil spot prices spiked, reaching over $100. 

Chart of the day: BTC and GOLD react to Russia’s attack

Some bitcoin advocates tout BTC properties as an safe-haven asset, but recent months have seen BTC acting more like a risk asset

XRP/USD

0.54 Price
-2.470% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ADA/USD

0.58 Price
-2.200% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.00646

BTC/USD

50,950.70 Price
-1.470% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

SOL/USD

102.83 Price
-1.780% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 2.2652

Following Russia’s attack on Ukraine, BTC plunged while gold – most often considered as store of value in uncertain times – held its value.

What is your sentiment on ETH/USD?

2929.15
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Chart showing gold and bitcoin performanceGold has sustained its value, while BTC fell – Credit/Source: TradingView

Bitcoin’s performance as against other assets

Lebanese-American essayist, mathematical statistician, former option trader and risk analyst Nassim Nicholas Taleb, along with pseudonymous on-chain analyst Checkmate, tweeted concerning their takes on how the crypto king performed as against other assets: 

Top cryptocurrency coins by market capitalisation

As of 08:15 GMT:

Winners and losers

  • Pancake swap (CAKE), harmony (ONE) and theta network (THETA) were among the worst-hit major cryptocurrencies, losing 17.11%, 17.01% and 16.47% respectively.
  • There are no winners among major virtual tokens today. 

Markets in this article

BNB/USD
Binance Coin / USD
383.00 USD
-6.29 -1.640%
BNB/USD
Binance Coin / USD
383.00 USD
-6.29 -1.640%
Oil - Brent
Brent Oil
81.943 USD
-0.733 -0.890%
BTC/USD
Bitcoin / USD
50950.70 USD
-759.9 -1.470%
ETH/USD
Ethereum / USD
2929.15 USD
-58.77 -1.970%

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