The effects of the Russian invasion of Ukraine on the crypto market

The effects of the Russian invasion of Ukraine on the crypto market

Despite a number of measures taken by the global West against Russia, we do not yet see a significant impact of this crisis on the cryptocurrency market.

In response to Vladimir Putin’s announcement of a special military operation in Ukraine, US stocks fell for a while. The S&P 500 index returned relatively quickly to the values ​​from the previous week. In the last month, the correlation between bitcoin and gold has decreased and the S&P 500 has increased.

In connection with the stock market, bitcoin also fell between February 23 and 24, from $ 39,000 to $ 35,000. He returned to over $ 39,000 in the following days. The same scenario was repeated for the second most important cryptocurrency Ethereum, which fell 14% to $ 2,300 on February 24th. However, the market has fully recovered since then and returned to values ​​around $ 2,800 before the slump. It is estimated that a drop of up to $ 2,100 would mean the liquidation of positions of up to $ 500 million.

So far we can see the biggest declines in Russian stocks; The Moscow Stock Exchange even stopped trading on Thursday. The ruble also deteriorated significantly against foreign currencies.

Source: Wikipedia

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