Russia Invades Ukraine, Throws Markets Into Chaos
The world is outraged as Russian troops have invaded parts of Ukraine. As the value of assets continues to fall, the crypto and equity markets reflect global anxiety.
Ukraine Is Under Attack!
Earlier today, Vladimir Putin, Russia’s leader, declared that the country’s armed forces would be carrying out an operation in Russia after months of denying such an action. In response, the crypto markets have plunged. Bitcoin has dropped to about $34,800 on major exchanges, while Ethereum is trading around the $2,330 price point, a 6% and 9% drop, respectively.
Russian troops have reportedly entered Ukraine from the north and the south through borders shared with Belarus. Reports of missile attacks have come from various cities, including the nation’s capital. Some airports have been bombed. While all of this is happening, there still appears to be some calm and usual traffic in some cities in the country.
Putin’s Russia seems bent on supporting Ukraine’s rebel held states in the east of the former Soviet nation. It is no news that Russia has always been worried about the possibility of neighboring Ukraine aligning with NATO. It was these worries that caused them to invade in 2014.
Russia is a global energy giant. As such, news of an impending crisis means sanctions and difficulty in getting products, which could mean a global energy scarcity. In the face of inflation and other economic issues, most investors have been forced to sell or stay on the sidelines in the build up to this, making markets choppy and driving them down today.
The crypto market is no exception. The market has become more correlated with the traditional markets in recent times. The reasons for this correlation range from an increase in institutional involvement to a general risk-off sentiment across all markets. However, the long-term indicators show that there is still strong demand for digital assets.
Response From The Crypto Community
With the news of the invasion, several crypto pundits, analysts, and even executives have taken to Twitter to condemn Russia’s aggression. However, the focus has not been on the effects on the nascent market but rather a general concern for the people of Ukraine.
The creator of the “altcoin king,” Ethereum, Vitalik Buterin, who spent some of his early years in Russia, was among those to decry the situation. The Crypto executive expressed frustration at Putin’s choice to shut the door on a peaceful resolution to the crisis and opt for war. He ended by wishing the people of Ukraine safety.
Altcoin Sherpa on Twitter reminded the crypto community that there were actual humans in these situations. He said the markets did not always take priority. Sherpa also prayed for the safety of the people in Ukraine.
Several governments allied with NATO, including the US, have since condemned the situation and threatened sanctions against Russia. At the moment, the world awaits the outcome and prays for the people of Ukraine, hoping it doesn’t escalate into a global war.
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