Bitcoin Fell Another 5% Amid Russian-Ukraine Conflict PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Bitcoin Fell Another 5% Amid Russian-Ukraine Conflict

Time Stamp: February 22, 2022 8:47 AM

Bitcoin fell another 5% amid the Russian-Ukraine conflict after Russian President Vladimir Putin decided to recognize the independence of breakaway regions of parts of Eastern Ukraine which led to the market slump so let’s read more in today’s latest Bitcoin news.

The price of Bitcoin fell another 5% over the past 24 hours amid the growing tensions over Russia and Ukraine. The number one cryptocurrency is changing hands at $37,000 as per the data on CoinMarketCap marking a drop of 4.6% from yesterday’s levels last seen at the start of February. Before that, BTC crashed to a daily low of $36,488 dragging the entire market cap down. Etheruem as the second-largest crypto is also down by 6.1% over the day to a current price of $2250.

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BTCUSD. Source TradingView

Among the top ten biggest crypto coins, XRP, ADA, and Solana were the worst hit with their prices crashing by up to 12%. Most other coins like Avalanche, Shiba Inu, cosmos, MATIC, LINK, and more, posted double-digit losses as well as the market cap sank to $1.67 trillion. Russia announced that it had recognized the independence of the two breakaway Eastern Ukrainian regions which only raised the fears of a full-scale military action. The latest developments that saw Russia moving the troops into the so-called Donetsk People’s Republic and Luhansk People’s republic caused global stocks to crash as well.

After the closing bell on Monday, the S&P 500 Futures dropped by 1.5% and the Nasdaq futures lost 2.2% after the rouble touched an 18-month low against the US dollar. The Russian blue-chip stocks dropped on Monday with the Moscow Exchange equity index tumbling 10% amid the fears of a military invasion of Ukraine which extended the plunge on Tuesday morning after Putin’s statements on the recognition of DNR and LNR.

Ukraine’s Crypto Legalization, legislation, bill, law,

Ukraine is considered among the countries with the highest levels of crypto adoption and it recently passed new legislation to legalize crypto last week. The amendments to the Virtual Assets bill were introduced in September but will see the National Commission on Securities and Stock Market become the main regulator for digital assets. The markets are seeing more gloom in the upcoming days with the EU being set to impose heavy sanctions against Russia and the recognizing of the separatist regions in Ukraine and further deployment of troops on Ukraine territory. Ethereum’s co-founder Vitalik Buterin also said that Russia’s invasion of Ukraine won’t harm the two countries but the entire humanity.

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