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Cryptocurrencies collapse due to Russia's widespread invasion of Ukraine

The cryptocurrency market is also under strong pressure amid the generalized invasion of Ukraine by Russian military forces, which is leading investors to flee en masse from high-risk investment elements.

in this climate, bitcoin sees its value fall by 9% and trades at $ 35,400, while at the low of the day it had reached $ 34,338 according to coindesk.

Similarly, ethereum plunges 11% to $ 2,436, with even greater liquidity on the other cryptocurrencies.

Specifically, the XRP is down 12.7% at $ 0.642, the terra is down 10.6% at $ 54, the cardano is down 16% at $ 0.77, the stellar is down 11.51% at $ 0.168. and dogecoin at 14.9% to $ 0.113.

"What we are seeing and expecting is that bitcoin and other cryptocurrencies are following the shares.Noted Joseph Edwards, head of cryptocurrency analysis strategy at Solrise Group.

"Everything tends to be related to the crisis and we expect the same to happen here, so it is likely that things will get worse in the coming days."

While cryptocurrency advocates have long argued that bitcoin acts as a safe haven from geopolitical tensions, it often moves alongside high-risk assets.

Its fall from the high of $ 69,000 it caught in November represents a 50% drop.


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