With the start of the war between Russia and Ukraine on Thursday, the whole world will be affected. The markets will swing more due to a shortage in the supply of fuels and other essentials. The Crypto market is also affected by the war. This post will discuss how can the Russia-Ukraine conflict affect crypto market.
2021 was the year for crypto investors. Cryptos were relatively stable during this year, and investors’ earnings were unmatchable. However, 2022 has been unstable, and the market is swinging more with the invasion of Ukraine by Russia. The markets were down for the last few days as the tension between the two countries rose. The markets have been going in red for the last 24 hours and are still dropping with the start of the war.
We will be discussing Cryptos, NFT, and Metaverse that were the new sensations for the investors. As this market is volatile, we will also share some expert advice on how to recover from the losses. Let’s start
How Are Cryptocurrencies Affected By Russia- Ukraine Conflict?
After looking at the stats of cryptocurrencies, the maximum of cryptos is in red—around $200 billion loss in the crypto market in the last seven days. A few cryptos are still in the green, but they’re just on the margin. Here is a list of the top ten cryptos, along with their stats.
|Rank||Name||Price||24 hours||7 days|
|1||Bitcoin BTC||$35,424.69||↓ 8.67%||↓18.02%|
|2||Ethereum ETH||$2,378.34||↓ 12.39%||↓22.19%|
In the table above, Bitcoins and Ethereum are suffering the most loss. 12% loss in one day means a lot of money.
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How Are NFTs Affected By Russia- Ukraine Conflict?
Russia-Ukraine Conflict Affect Crypto MarketNFT tokens are the famous collection of digital artworks purchased using Cryptos. When Russia- Ukraine war-affected cryptos, it will also affect the NFT prices. After observing the stats, the total sale of NFTs has decreased by 22.49% in the last 24 hours. Here is a list of the top ten NFTs and their prices.
|Rank||Name||Price||24 Hours||7 days|
This loss is for the Metaverse players, who invested in Metaverse. With the stock market crash, the crypto market is badly hit. This will hit the artists and developers who sold their art as NFTs. The top 10 NFT tokens are down by more than 30% in just 7 days.
Also Read, Is Metaverse A Good Investment | The Future Of Metaverse
Russia-Ukraine Conflict Affect Crypto Market | Cryptos Down
To all who are asking as to how can the Russia-Ukraine Conflict Affect Crypto Market, they should know that the global trade volume has dropped by 191%. It is just the beginning of the war, and the markets have crashed. The drop will continue as the war prolongs. This will not just affect the cryptos investors. It will hit the artists badly. With the introduction of Metaverse and NFTs, many people are trading in cryptos, and all of them are badly hit.
What Will Happen Next?
If the war stops, then the market will rise and heal quickly. However, if the war continues, the market will be severely affected along with people’s lives. The crypto market was affected by the tension between Russia and Ukraine, which is why the drop in the market.
Today, after the war began, the steep curve can be seen in the graph plunging the market even further. It is expected that cryptos will fall even up to 40%. Bitcoins might drop below $30,000 in the coming days. Many investors have started to shift their investment to PAX Gold. It is considered the Gold on the Blockchain and is considered stable as the original gold.
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So that’s all on How can the Russia-Ukraine conflict affect Crypto Market?
War is never good for anyone. The same is true for the crypto market. The stability of 2021 encouraged many people to invest in cryptos and earn huge profits in short periods. The risk here is high. We can expect the crypto market to be the worst affected market after the Russia-Ukraine war.
Keep exploring our website to know more about the Russia-Ukraine war situation.
Frequently Asked Questions
Q1. Why Is Crypto Going Down?
The main cause is the war between Russia and Ukraine. The entire crypto market has lost more than $1 trillion in value.
Q2. Is Crypto Market Crashing?
Yes, especially in the last seven days when the tension between Russia and Ukraine increased. The Crypto market is crashing very badly. Bitcoin may go below $30,000.
Q3. Is Crypto Affected By Stock Market?
Yes, the Crypto Market is directly correlated with the stock market since September 2020. When the Stock market goes down, so will the Crypto market.