1 min Analytics

Cryptocurrency plummets following Russia’s invasion of Ukraine

Cryptocurrency plummets following Russia’s invasion of Ukraine

The value of Bitcoin, Ethereum and almost every major cryptocurrency plummeted after Russia’s attack on Ukraine. Analysts estimate the total loss at 143 billion euros.

Bitcoin’s value fell about 8 percent overnight. Ethereum plummeted by nearly 10 percent. The decline holds true for almost every other major cryptocurrency. According to market analyst CoinMarketCap, the collective value of all cryptocurrencies dropped by 143 billion euros since Russia’s invasion of Ukraine.

Rapid price changes are the norm for cryptocurrencies. In January 2021, Ethereum fell by more than 20 percent in one day. Market-wide declines are typically caused by worldwide occurrences. Russia’s attack on Ukraine plays an obvious role.

Money is the least concern

While a loss of 143 billion euros is remarkable, money is the least concern at this time. Russian troops have invaded Ukraine. Multiple explosions are heard in Ukrainian cities. Footage shows Russian soldiers occupying a Ukrainian airport near Kyiv. In the city, the air alarm sounds.

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