Crypto Market Plunges Due to the Russia-Ukraine Conflict

8:49 am, Thu, 24 February 22

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The global crypto and stock markets were negatively impacted earlier today as Russia announced a “special military operation” in Ukraine.

Crypto assets are vulnerable to political situations such as this. However, the price drop seen this time is not only for the digital assets but for stock markets too, as mentioned above.

Vladimir Putin, the President of Russia, announced the military operation on the national broadcast. As the operation began, the markets were seen to plunge, causing BTC to drop to $35,000.

Here is a graph by CoinMarketCap that shows the price of Bitcoin over the last 24 hours.

btc-graph-24-02-2022

After successfully crossing the $38k price mark, Bitcoin is now trading at $35,470 (at the time of writing).

If you are interested in buying BTC, make sure you take a look at the price movement and choose one of the lowest fees Bitcoin exchanges.

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Overall Situation in the Crypto Market

There can be several reasons for a price plunge seen for digital currencies. Political conflict between two countries can be considered as one of the biggest factors that greatly affect not only the crypto market but the global stock market as well.

This can be seen now as tensions between Russia and Ukraine reach a boiling point. However, this is not the first time Russia and Ukraine have been seen in a conflict.

As per reports, Ukraine recently legalized Bitcoin and other crypto assets in the country, which was a major step towards success for the crypto assets.

However, shortly after the strikes on Ukraine started from Russia the overall crypto market cap dropped to $1.58 trillion (8.25%).

When the prices of the digital assets began plunging:

Other major global financial indexes are also affected and have seen to be dropped over the last hour.

What Should you Know as a Crypto Investor?

If you are interested in buying crypto assets, it is important for you to know that the prices of digital currencies are vulnerable to situations such as the one between Russia and Ukraine.

This is why the crypto space is known to be volatile as the prices of the digital assets are susceptible to various factors.

However, people who are new to the crypto space should be careful while making their investments. The cryptocurrency they choose to buy is a matter of personal preference, but they should take a look at the price movement of the digital asset and choose the best platform from a list of Bitcoin exchanges.

If you are a beginner and want to buy Bitcoin or Ethereum then you can click on SwissBorg or Kraken (U.S. citizens).

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