Crypto crash: Crypto influencers express their concern for Ukrainians as the recent actions of the Russian Federation have had a knock-on effect across the world.
Yesterday began with the news that Russian President Vladimir Putin announced the start of a special operation in the Donbass region.
According to the politician, the aim of the action is “to protect people who have been subjected to harassment and genocide by the Kiev regime for eight years.” To this end, the Russian authorities decided to “fight for the demilitarization and denazification of Ukraine.”
Videos began to appear on the network showing explosions in several cities in Ukraine, including Kharkov.
According to media reports, Russian troops crossed the Kharkov border and a landing of troops and helicopters took place in the Odessa region.
Previously, BeInCrypto editors noted that the crypto market was sensitive to growing tension between Russia and Ukraine. Against the backdrop of the escalating conflict, Bitcoin has repeatedly declined. The market also reacted immediately to Vladimir Putin’s decision to launch a special operation in the Donbass.
Crypto Crash: Market reaction
The crypto market reacted to the escalation of the conflict between Russia and Ukraine with a drop. At 07:29 (UTC), Bitcoin was trading at $34,758. In 24 hours, according to CoinMarketCap, the cryptocurrency has fallen by 8.02%.
Many in the crypto community were quick to comment on the actions of the Russian government. Vitalik Buterin, one of the developers of the second largest cryptocurrency, Ethereum, has spoken.
“Reminder: Ethereum is unbiased, I am not.”
Other popular members of the crypto community joined Vitalik Buterin’s opinion. Lark Davis, a popular cryptocurrency analyst, expressed:
“Pray for everyone in Ukraine, stay safe.”
Similarly, Anthony Pompliano, co-founder of Morgan Creek Digital, sees the economic benefits for local communities in the actions of the Russian Federation:
“Russia is the third-largest oil producer in the world. Oil has just reached $100 a barrel. The consequences of this situation will be felt around the world.”
Among the crypto community participants, there were also those who preferred to focus on those profiting from the political conflict.
For example, popular analyst Peter Brandt, who was able to correctly predict Bitcoin’s correction in 2018, suggested that the situation could be used to make money from the news:
What should investors be prepared for?
Probably, against the backdrop of the escalating conflict between Russia and Ukraine, the crypto market will continue to fall.
Chinese journalist Colin Wu drew attention to the fact that many cryptocurrency investors rushed to get rid of Ethereum amid the escalating conflict between Russia and Ukraine.
This against the background of the appearance of a large number of position settlement requests in ETH.
The negative dynamics of Bitcoin and other cryptocurrencies also indicate investors’ desire to withdraw assets from the market.
