Surging tensions between Russia and Ukraine disrupts crypto market

Surging tensions between Russia and Ukraine disrupts crypto market

Aggressive nature of the Russia-Ukraine crisis is severely affecting the cryptocurrency trading in the global market

The crypto trading was recently overdrawn and showcased considerable losses due to the impact of growing Russia-Ukraine crisis, which took over the global headlines.

Russia’s persistently aggressive efforts in Ukraine has alarmed the Western world with the United States and Europe planning to vow sanctions, which will most likely subdue global markets.

As per latest statistical observations, Bitcoin’s current cost is $39,713, displaying a 4.35% drop in last 24 hours, whereas Ethereum is down by 4.81%, valued at $2,747.

Most miserably hit cryptocurrencies include XRP, slashed by 11.61% to $0.75 and Cardano at $0.91, lagging by 11.31%.

Moreover, Binance Coin, Dogecoin and Polkadot plummeted to $382 (-7.65%), $0.14 (-7.43%), and $17.24 (-6.91%) respectively. However, the only sliver of hope was Tether, which slightly escalated by 0.49% reaching $1.06.

Reportedly, Russian President Vladimir Putin authorized deployment of troops on the Ukrainian soil at two eastern breakaway regions after recognizing them as independent, thus ultimately catalysing the crisis, feared as a sign of war by the West.

After Russia’s aggressive moves, the United States and the European Union responded by committing to new sanctions, even though neither of these nations addressed the Russian military action as a clear act of war or full-scale invasion in the West earlier.

Previously, the part of Ukraine was governed by the Russian-backed separatists accompanied by Moscow in practice.

As of now, the United States has announced plans to impose sanctions on Moscow as a comeback to Vladimir Putin’s instigative troop deployment order in two Kremlin-governed areas of Ukraine.

While the White House has confirmed its plans over imposition of sanctions, the Emergency UN Security Council meeting to be chaired by Russia, which currently leads the Council, will address the Ukraine crisis.

Amidst the global tensions, Russia’s unclear crypto policy has only further contributed to the collapse, as the legislation aims for governing digital assets.

Source Credit: https://www.moneycontrol.com/news/business/cryptocurrency/russia-ukraine-crisis-cryptocurrencies-plunge-from-impact-bitcoin-in-red-8145601.html