The Russian invasion of Ukraine caused chaos in the cryptomarket

The Russian invasion of Ukraine caused chaos in the cryptomarket

The price of major cryptocurrencies is slumping as the conflict between Russia and Ukraine escalates. Bitcoin fell to $34,431 on Thursday after being as high as $44,125 a week ago, while other popular digital coins, including ethereum, ripple, and Solana, have also tumbled recently. Ethereum also dropped by over 10 per cent $2,376.19.

Check the live Price of Cryptocurrency here.

Biden On Russian invasion of Ukraine

U.S. President Biden on Thursday afternoon announced new sanctions against Russia as a result of what he called a “Russian invasion of Ukraine,” a response to Russian President Vladimir Putin’s move to send forces into Ukraine’s eastern breakaway regions.

Mr. Biden said the sanctions, closely coordinated with allies and partners, will target two large banks in Russia and its sovereign debt. 

The current dip in the crypto market can be seen as a knee-jerk reaction to the growing tension between Ukraine and Russia. Putin said he had authorized what he called a special military operation though Ukraine and Western governments labeled it a full-scale invasion.

Fears Russia will now squeeze global energy markets saw Brent futures jump more than 8% past $100 a barrel for the first time since September 2014. Nearly 40% of the European Union’s natural gas and 26% of its crude oil comes from Russia.

With both Ukraine and Russia also big crop producers, wheat and corn prices surged over 5%, while gold jumped more than 1.7% to its highest since early January 2021.

The Russian invasion of Ukraine caused global chaos in the market, all commodities are facing downfall, and Russian Ruble is the worst affected currency with record fall.

Ethereum Russian create Vitalik Buterin call the Russian invasion a crime.

Buterin tweet on Russian invasion of Ukraine
Ethereum creator on Russian invasion of Ukraine

 “Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead.”  “is a crime against the Ukrainian and Russian people.” Buterin Tweeted in his Mother tongue

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