Crypto’s safe haven narrative collapsed today after Russia invaded Ukraine.
Bitcoin, the world’s largest cryptocurrency, fell 6.6% over the past 24 hours to $35,982 after Vladimir Putin’s attack on Ukraine. Yesterday, the crypto dropped as low as $34,338 – its lowest level since late January. 📉 Over the past three months, the top currency has lost almost half its value since its high of $68,990.
The second-largest cryptocurrency, Ethereum, also fell today, dropping 12% to hover around $2,627 as the Ukrainian crisis intensified. Vitalik Buterin, the co-founder of Ethereum who was born in Russia, strongly condemned Russian President Vladimir Putin after the country announced a “special military operation” in Ukraine. Buterin wrote on Twitter that he was “very upset by Putin’s decision” to abandon peaceful solutions in Russia’s dispute with Ukraine.
“This is a crime against the Ukrainian and Russian people,” Buterin wrote. “I want to wish everyone safety and security, even though I know there won’t be.” 🙏
Overall, the market capitalization of all cryptocurrencies dropped to $1.5 trillion in 24 hours, losing almost 9%. By the end of the day, some cryptocurrencies showed signs of recovery, but they failed to boost sentiments among investors.