Bitcoin’s price plummeted after Russian President Vladimir Putin vowed on television to complete Ukraine’s demilitarization.
Bitcoin has dropped by more than 6.5 percent as of the time of writing, trading between $35,000 and $35,150. This crash in prices is coming on the back of the early morning invasion of Russia into Ukraine.
According to data from CoinMarketCap, the total cryptocurrency market cap has lost roughly 5% in the last 24 hours, bringing it to $1.6 trillion.
Much of those losses came in the immediate run-up and aftermath of the invasion. In under half an hour, Bitcoin plummeted from its perch of $37,000 to below $35,500.
Economist Jason Furman, a former advisor to President Barack Obama, this week said, “Russia is incredibly unimportant in the global economy except for oil and gas. It’s basically a big gas station.”
Bitcoin has been on a downward trajectory following the tension between both countries, which heightened early last week but worsened after this early morning invasion.
The financial markets all over the world have been badly affected by this renewed political tension.
U.S. stock markets continued further into correction territory today, with the Dow Jones Industrial Average dropping 1.38%.
Asian markets, which were open during Putin’s announcement, are also reacting; the Nikkei is down 1% and China’s Hang Seng Index is trading over 2% lower.
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
Putin Claims UK’s Interference in Ukraine Peace Deal Caused Extension of Russia-Ukraine War: Putin’s Controversial Claims: Allegations of Johnson’s Interference in Ukraine Peace Deal: In a sensational two-hour interview with former Fox News presenter Tucker Carlson, Russian President...
Ukraine/Russia: As War Continues, Africa Food Crisis Looms: Russia’s invasion of Ukraine has worsened the food security crisis in many African countries, Human Rights Watch said today. Many countries in East, West, Middle, and Southern...
Russia will quit the International Space Station due to economic sanctions over war in Ukraine : Russia is set to pull out of the International Space Station and will no longer work with NASA and the European Space Agency (ESA), according to the head of...
Russia says Ukraine is seriously preparing for war and “preparing provocations on the line of demarcation”: In an interview, the Director of Russia’s Foreign Intelligence Service (known by its Russian initials as SVR) stated that Kiev is undertaking full-scale preparations for...
UK PM Boris Johnson’s Statement On Russia – Ukraine War: PM Boris Johnson gave an address to the nation on the Russian invasion of Ukraine: Shortly after 4 o’ clock this morning I spoke to...
UK Foreign Secretary Liz Truss’s statement on Russia – Ukraine war: Following Russia’s announcement that it would conduct a military campaign in Ukraine, Foreign Secretary Liz Truss has issued a statement. Foreign Secretary Liz Truss said:...
Commodities already affected by the Ukraine – Russia war: The war in Ukraine is threatening further disruption to already stretched supply chains. Ukraine and Russia may only account for a small proportion of the imports...
Elon Musk receives backlash after suggesting that Ukraine and Russia should agree on a ‘truce over Putin’s war’: Elon Musk’s Message on Ukraine Conflict Elon Musk, CEO of Twitter and Tesla, faced criticism from Alica Kearns, chair of the influential Commons foreign affairs...
Putin’s Ukraine War Leads to Critical Prozac Shortage in Russia: Russia’s Prozac Shortage Worsens Amidst Mental Health Crisis As the crisis triggered by Vladimir Putin’s war in Ukraine deepens, Russians are grappling with a concerning...
Putin says his main priority is safeguarding ‘the very existence of Russia’ in war against Ukraine: Putin’s Vision for Russia’s Sovereignty- Russian President Vladimir Putin, in his first marathon end-of-year press conference since the invasion of Ukraine, emphasized that his main...