Impact of Russia- Ukraine war on Cryptocurrency

Cryptocurrency markets have been affected by the conflict between Russia and Ukraine, with the global market worth falling to $1.57 trillion, a 9.66 percent drop in the last 24 hours. Russia is rumoured to be using crypto currency in an effort to avoid sanctions by avoiding control stations. According to the reports, companies may also get into agreements with anyone around the world who works with them using digital currencies.

Bitcoin, the most popular cryptocurrency in the world, plummeted by more than 8 percent to $34,932.07 per coin. Etherium, the second-largest cryptocurrency by market capitalization, fell by more than 10% to $2,376.19 USD. Other well-known cryptocurrencies, such as Dodgecoin, Shiba Inu, Polkadot, and Polygon, all plunged by more than 12 percent. Shiba Inu fell by more than 10 percent. More than 9% of XRP was lost, and 1% of Terra’s value was lost.

For a few weeks, the situation can have a significant impact on the cryptocurrency market. Conflict tensions between Russia and Ukraine have had a significant impact on the cryptocurrency market in the last few weeks, creating significant fluctuations. In addition to the cryptocurrencies, “important equities” in the financial sector will be affected by this decision.

As the latest Update on Crypto, CoinSwitch Kuber, India’s leading crypto platform, has introduced the Recurring Buy Plan, a simple and pre-planned method of purchasing Crypto assets in the country. The Exchange has stated that they are launching in order to help users avoid making impulsive decisions in the face of market volatility.

Over the last 24 hours Coinmarketcap data shows that the cryptocurrency market has lost over $150 billion (€133.64 billion).

According to a study, Russia has created new tools that can hide the origin of cryptocurrency transactions, even if they are all recorded on the blockchain. The Russian government has begun the process of creating its own central bank digital money. The digital currency of the central bank can be used to transact with countries that accept it without having to convert it into dollars.

Swikriti