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Crypto Markets Erase $200 Billion Hours After Russia-Ukraine Conflict

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Crypto markets erase $200 billion only a few hours after the Russia-Ukraine conflict started and a military operation was launched on multiple cities in Ukraine so let’s read more in today’s latest cryptocurrency news.

After yesterday’s recovery attempts, Bitcoin crashed again after the conflict escalation between Russia and Ukraine as it dropped to $34,000. Most other altcoins suffered even more with some bigger double-digit losses evident from the majority of the coins. All eyes are now on the tensions between Russia and Ukraine as after weeks of threats and military training, Russia launched an attack on Ukraine labeled as a “special military operation.”

btcusd
BTCUSD. Source TradingView

While the reports showcase how the Russian troops and vehicles entered Ukraine through the border with Belarus, most financial markets started crashing. The Russian markets suffered the most but their counterparts in Europe in Asia are all drowning in the red. The futures contracts of the US stock market indexes also turned negative.

Given Bitcoin’s high correlation with the previously stated, it doesn’t come as a surprise that the asset crashed as well. BTC went on from yesterday’s peak of $39,000 to its lowest price position since late January of just over $34,000. Despite recovering ground and sitting above $35,000, Bitcoin’s market cap dropped below $700 billion and the rest of the altcoins drowned in red as the crypto markets erase huge values. As it usually happens when BTC goes south, altcoins often follow but their daily losses are oftentimes more severe.

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Ethereum for example crashes by more than 12% in one day and now sits below $2400 but more so, the second-biggest cryptocurrency dropped to $2200. Binance Coin dropped by a similar percentage and struggles near the $340 price level. Ripple and Avalanche all dropped by between 12% and 14% while Terra dropped by 8%. Cardano is among the biggest losers today with a 17% price dump. DOT dropped by 16%, DOGE by 16% as well while CRO and SHIB dropped by 15%.

crypto market cap
Cryptocurrency Market Overview. Source Quantify Crypto

More losses were evident from Convex Finance which dropped by 23%, Kadena by 19%, Theta Network and Loopring both by 19% as well, ECOMI by 20%. The cumulative market cap of all crypto assets crashed by $200 billion since the peak yesterday and sits below $1.6 trillion.

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