Tension between Russia and Ukraine (Russia-Ukraine War) is at its peak. After the Russian military fired missiles at several Ukrainian cities and landed troops on its coast, it has become clear to the world that the two countries are gearing up for war. This is why Bitcoin fell to its lowest level in a month on Thursday.
The news agency Reuters reported that the ongoing battle between Russia and Ukraine has had a profound effect on the crypto market, especially bitcoin. The report shows that the world’s most popular cryptocurrency fell by 7.9 percent today to $ 34,324 (about Rs 25.97 lakh), the lowest since January 24. Not only bitcoin, many altcoins have also been affected by this tension between the two countries. Ether, the world’s second most popular cryptocurrency, was also trading with a drop of up to 10.8 percent today.
US President Joe Biden has called for ongoing Russia-Ukraine tensions to impose “severe sanctions” on the Russia with its allies after the attacks, the report says. EU foreign affairs chief Josep Borrell has also pledged the toughest financial sanctions ever imposed.
There is tension around the world due to serious statements from NATO countries and its effect is visible not only on Western countries but also on Asian countries. On Thursday, the Sensex recorded a fall of about 2,700 points in the Indian stock market. The impact of this stress mostly falls on the smaller players in the market, who are seen withdrawing their money in such circumstances in terms of security. Something similar is happening with the cryptocurrency market as well.
The report further suggests that while global stock and US bond yields have declined, dollar, gold and oil prices have risen as investors better bet on perceived safe-haven assets.
