The ongoing battle between Russia and Ukraine is sparing no sector. The cryptocurrency market has dropped by nearly 10% within the last 24 hours, just like the equity market.
The majority of leading cryptocurrencies, with the exception of stablecoins, have seen double-digit losses.
Since Russia — and its president Vladimir Putin — declared a ‘special military operation’ against Ukraine, nearly $200 billion has been liquidated.
Aside from meme coins Dogecoin and Shiba Inu, Ethereum, Cardano, Avalanche, and Polkadot are among the worst-hit cryptocurrencies during the crypto market collapse.
Bitcoin and Terra are the only prominent cryptocurrencies that have been able to limit their decline to 10% or less in the last 24 hours.
Cryptocurrency prices have taken a dive since the start of the new year, fostering worries that a ‘crypto winter’ may be on the way. Since November, the price of Bitcoin has decreased by about 50%.
Russia’s actions against Ukraine appear to be making the situation worse. However, investors shouldn’t be shocked by the fact that most cryptocurrencies’ values are being battered. Traditional markets have been known to react to crypto markets in recent years.
Cryptocurrencies are no longer considered a “safe haven” investment because they have proven to be an unreliable and volatile store of value. In fact, the rise in cryptocurrency prices has resulted in more people losing faith in their long-term prospects than in gaining it.
