The reputation of Bitcoin and other cryptocurrencies as ‘digital gold’ and a safe haven for investors has come under threat as Russia launched a full-scale invasion of Ukraine under the guise of a “military operation.”
Bitcoin dropped by almost 7.9% to trade at $34703.18, the lowest price in the month. Other top cryptocurrencies, including Ethereum, BNB, Solana, Cardano & XRP, also suffered, wiping $500 billion from the combined crypto market.
At the same time, the price of crude oil surged past $100 per barrel, the highest seen by the international Brent crude benchmark in more than 7-years. The value of Gold also increased in the wake of the invasion.
However, crypto prices managed to recover almost immediately, erasing the losses earlier in the day. Bitcoin climbed by 1.7% to trade at $38262.21, according to Coin Metrics, and Ethereum rose by 0.2% to record a new value of $2631.50.
The prices remain stable as the US, UK, and the European Union continue to impose harsh sanctions on Russia following the invasion.
No.820, Mount Cresent,Malabe,Sri Lanka