Bitcoin, Other Crypto Investors Lose Over $150bn To Russia-Ukraine Crisis

After Russian President Vladimir Putin announced a military operation in the east of Ukraine, cryptocurrency prices have plunged by half the amount it traded in November 2021.

Global markets have been volatile since Wednesday when Ukrainian officials declared a state of emergency over fear of a Russian invasion.

THE WHISTLER reported that in the early hours of Thursday, President Vladimir Putin confirmed a “special military operation” in the Donbas region of Ukraine.

The full-scale attack targeted the Boryspil airport and in the capital, Kyiv, and its key buildings.

Bitcoin prices crashed below $35,000 to trade $34,459.22 in the early hours of Thursday.

Bitcoin had traded as high as $39,122.39 on Wednesday February, 23 2022 but lost around 11.91 per cent of its value, according to CoinMarketCap data.

Compared to last year, the world’s biggest crypto had traded as high as $68,990 in November 2022.

This represents a 50.1 per cent drop in the value of Bitcoin between November 2021 and February 24, 2022.

Ethereum also dropped over 12.05 per cent to $2,304.20 by 8:34 GMT. It traded $2,750.83 at 14:10 GMT February 23, 2022.

So far, over $150bn has been lost by the cryptocurrency market in the last 24 hours, according to the CoinMarketCap data.

“Whatever you see tomorrow from the markets is real but just ignore it, there is nothing you can do. Just be careful about selling at a loss,” said investment analyst, Kalu Aja.

Analysts have projected that Bitcoin price may fall lower than $30,000 as a result of the conflict.

Michael Saylor the Chief Executive Officer of MicroStrategy said, “Nation state conflicts create uncertainty, constrain production, weaken currency, cripple trade, and undermine credit, making investments in debt & equity riskier and underscoring the benefit of converting treasury assets into pure digital energy.”