The Value of Bitcoin Plunges as Russia Announces Military Operations In Ukraine

24.02.2022 21:04
by Nina Petrov
1 min read

After the Russian army invaded Ukraine early this morning, global crypto and stock markets plunged. 

The value of Bitcoin (BTC) reduced by 7.2%, dropping to $35,000. The situation was even more dramatic for Ethereum (ETH) and Ripple (XRP), whose values dropped 9.5% and 9.2% respectively.

The total crypto market cap dipped to $1.58 trillion (8.25%).

Vitalik Buterin, the co-founder of Ethereum and a Russian-born, condemned Russia’s move, calling it a crime against Ukrainian and Russian people.

While the prices at stock markets are sinking due to the escalation in Ukraine, the oil prices are growing. Since Russia is one of the biggest producers of oil and natural gas, the price of a barrel in the global market skyrocketed to $100 and is expected to continue growing if the conflict prolongs.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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