Crypto Market Crashes after Putin Announcing Military Operations against Ukraine

The cryptocurrency market is full of bearish sentiment, right after Russia launched the latest military operations against Ukraine. - 2022-02-24T132300.785.jpg

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Bitcoin, the leading cryptocurrency, plunged over 7.8%, trading at around $34.7K during the Asia-time trading section, according to CoinMarketCap.

The downtrend of bitcoin has similarly affected other leading cryptocurrencies such as Ethereum (ETH), Binance coin (BNB), ripple (XRP) and Cardano (ADA).

Ethereum, the second-biggest volume crypto, also fell over 9.5 %, trading at around $2385 at present.

Putin announced a “military operation” in Ukraine’s Donbas region on Wednesday local time, requesting Kyiv forces to surrender, according to Reuters and the Financial Times. Reportedly, explosions were heard in Kyiv, the capital of Ukraine, as well.

Prior to the full-scale invasion, Ukraine has approved legalising Bitcoin domestically recently. Some organisations reportedly have been receiving crypto as a means of donations aiding military support. 

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As the U.S. announced to impose a new round of sanctions on Russia on Monday, in response to Russian recognition of the sovereignty to two separatist territories- the Donbas and Lugansk region. Analysts said Russia might turn to crypto in response to the latest round of sanctions from the U.S. Meanwhile, Russian authorities considered offering the green light to the regulation of crypto.

The tension between Russia and Ukraine has affected the strong recovery of bitcoin. Bitcoin’s price has once gained momentum followed by the sanction by the U.S.

Co-contributed by Aaron Limbu

Image source: Shutterstock

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