coincodex.com
Key highlights:
- The total cryptocurrency market has crashed by 12.5% after Russia's attack on Ukraine earlier this morning
- Bitcoin dropped by about 9%, but altcoins recorded much bigger losses
- The uncertainty has also hit global markets
- Russia's stock market crashed, and the ruble is trading at all-time lows against the US dollar and euro
The cryptocurrency markets saw a sell-off as the broader markets are gripped by uncertainty following Russia’s attack on Ukraine earlier this morning. Ukraine declared martial law after explosions were heard in multiple cities, including the nation’s capital Kyiv. The attack, which Russian president Vladimir Putin described as a “special military operation”, has been widely condemned as an invasion by the international community nations.
Given the uncertainty surrounding both Russia’s intentions and the global economic consequences the attack will bring, investors seem to have responded by pulling their money from riskier assets. This has had a significant impact on crypto.
The total cryptocurrency market has dropped 12.5% and now sits at around $1.6 trillion. Bitcoin, the largest cryptocurrency by market capitalization, tumbled 9.9% to hit a monthly low just below $35,000. Ethereum saw a stronger decline, dropping 13.1% towards $2,330.
Smaller crypto assets are faring significantly worse. 49 out the top 100 cryptocurrencies by market capitalization are down 15% or more in the last 24 hours, with 11 of them recording losses of 20% or more.
The stronger selling pressure experienced by altcoins has resulted in a 0.5% uptick in BTC dominance – Bitcoin now represents 41.4% of the total cryptocurrency market cap.
International markets face uncertainty, Russia's stock market crashes
International markets have also dropped on the Ukraine news, albeit to a smaller degree than the cryptocurrency market. The S&P 500, which is a benchmark for the U.S. equities market, is down 1.8% in the last 24 hours. European markets were hit harder, with the Euronext 100 index dropping 4.2%. The FTSE 100, which tracks the largest companies listed on the London Stock Exchange, has declined by 3.1%.
With heavy economic sanctions against Russia from the United States, the European Union and other geopolitical players imminent, the country’s stock market experienced a full-on crash. The RTS index, a benchmark of the Russian equities market, is down a massive 35.4% on the day. The MOEX Russia Index tanked by over 30% as well. The Russian ruble has fallen to its all-time lows against both the US dollar and the euro.
The Russian stock market crashed after the country's attack on Ukraine. Image source: Yahoo Finance
Vitalik Buterin, a Russian-Canadian programmer best known as the inventor of Ethereum, has condemned Russia’s actions. In a Russian language Twitter post, Buterin said he is “very upset by Putin's decision to abandon the possibility of a peaceful solution” and called the attack “a crime against the Ukrainian and Russian people” (translated from Russian via Google).
Очень расстроен решением Путина отказаться от возможности мирного решения спора с Украиной и вместо этого начать войну. Это преступление против украинского и русского народа.
— vitalik.eth (@VitalikButerin) February 24, 2022
Хочу желать всем безопасности, хотя знаю, что не какой безопасности не будет.
Слава Украине.