Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion

Temitope Akintade
Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion


The crypto market is moving towards instability as it has lost 4% in market cap in the last 24 hours. The current decline in the market is mainly because of the growing tensions between Russia and Ukraine — Russia’s ominous positioning of over 100,000 troops on the border of Ukraine.

Reports from a US media platform claimed that Russia could be planning an attack on Ukraine as soon as Tuesday next week. The U.S. Secretary of State Antony Blinken said that we are in a window when an invasion could come at any time.

Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion

Geopolitical risks pose great threats to the crypto market. In that connection, there is a significant change in bitcoin value, as it dropped below $43K to $42,275 as at press time.

The impacts of bitcoin loss are evident on the market because of its market dominance value. Here is a brief overview of the leading currencies of the market, including bitcoin, Ethereum, and some others.

BTC 

Bitcoin is being affected by the crisis. Earlier this week, the US inflation, and now the unrest between Ukraine and Russia. The recent change has brought it again to a difficult situation.

Crypto roundup: Polkadot, XRP, Shiba Inu explode as BTC surpasses $43,000

The results are evident in losses that amount to 2.67%, its price has been reduced to $42.275. The market cap might need an improvement once the situation changes, it is currently at $802.32B.

ETH 

Ethereum follows the trajectory of bitcoin in the changes that have swept the market. Its 24-hour performance shows a reduction in value amounting to 5.58%.

Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion

If we compare its weekly performance, it also shows a 2.50% loss. The current market price of Ethereum is in the $2,931 range, though the new losses might lower it further. 

ADA 

Taking a peek at Cardano’s weekly and daily performance, it is facing continuous losses. Its seven-day performance shows a loss of 7.32%, while the 24-hour data shows 4.96% bearishness.

It might cross the red line soon if it continues like this. The current value of this coin is $1.07, it can recede if the bearishness doesn’t change.

Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion

LUNA

Like most major coins, Terra LUNA is facing a difficult situation. The data for the past seven days shows a loss of 8.49%. At the same time, the 24-hour performance shows -3.57%, which will add further to the value of its losses.

Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion

The market price for Terra LUNA at press time is $51.51.

Conclusion 

The cryptocurrency market is sloping down instead of improving. Like we said earlier, the major cause of the instability in the market situation is geopolitical unrest. The loss of the market is evident from the total market cap, which is $1.89 trillion, a 4.00% decrease in the last 24 hours. The volatility might increase if the tensions mount.

Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion

It will be very important to follow what could happen between Russia and Ukraine in the coming days. This could have a large impact not only on the crypto market but also on traditional financial markets around the world.


If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!