As Russia And Ukraine Conflict Boils, Crypto Markets Lose $140 Billion

As Russia and Ukraine conflict boiled, the crypto markets lost $140 billion since yesterday’s peak and other coins started to bleed out as we can see more today in our latest cryptocurrency news.

The escalating conflict between Russia and Ukraine continues to enhance and harm the financial markets, the crypto space was not exempt. Bitcoin crashed by $3000 in one day while most other altcoins went through double-digit price drops in 24 hours. Less than a week ago, BTC traded at $45,000 before the bears took contrl and pushed the asset south but after dropping by $5000, the coveted $40,000 line, BTC remained there for a short time but then dumped below it during the weekend.

After falling by $2000, BTC initiated a short recovery a day ago but was stopped at $39,500. it crashed again to $37,500 before the bears pushed it to a three-week low of over $36,000 which led to $400 million worth of liquidations. Despite recovering a few hundred dollars since then but BTC is still in the deep red on a daily scale. This came amid the growing tension between Russia and Ukraine but the latest news came that Russia ordered troops into the rebel-held regions after recognizing them as independent states.

Both the US and the EU are threatening President Putin and his administration with harsh sanctions but they don’t have quite the effect just yet. As it usually happens when BTC suffers, the altcoins are in quite a bad shape and ETH is down to a new monthly low of around $2500 after a 7% decline. A few days ago the second biggest crypto stood above $3200. Binance Coin lost a similar percentage and sits at $360. Some bigger losses were evident from Ripple as it decreased by 13%, Cardano dropped by 14%, Solana by12.6%, and Avalanche by 14.5% while DOGE dropped by 9% and CRO by 10%.

The situation with the lower cap altcoins is similar and as a result, the crypto market is down by $140 billion since one day ago with $400 billion less than a week ago.

As yesterday reported, After a few days of crashing, Bitcoin bounced off and added another $1000 of value and most of the other coins turned green after the recent turmoils with Shib, Terra, and Solana leading the pack. It was the middle of last week when the main cryptocurrency challenged the $45,000 level as the bulls seemed to control the market but the rejection at that level meant upcoming trouble for the cryptocurrency.