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September 26, 2022
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Digital International News

Crypto Market Influenced by War

As Russia initiated the war against Ukraine, the Crypto market was immediately affected and registered losses up to $1.57 trillion.

On February 24, when the Russian president announced the invasion of Ukraine, the crypto marketing statistic recorded a significant decrease, as Coin Desk price for bitcoin registered. The cost of Bitcoin fell 8.12%, and Ethereum was down 13.28%.

According to Crypto Marketing Center, the price of Bitcoin (BTC) was down by 8.12% on February 24, trading at $34,636.70, compared to February 17, when it was trading at $44,032.88.

Source: CoinDesk site
Source: CoinDesk site

As mentioned by the above-mentioned source, during February 17, when tensions broke out between Russia and Ukraine, and February 24, when the war started,  Bitcoin registered a significant decrease, probably reaching the lowest level in the last period.

Ethereum registered similar statistics. Ethereum (ETH) was trading at $2,341.03, with a fall of 13.28%, compared to February 17, when it was trading at $3,138.27.

Source: CoinDesk site
Source: CoinDesk site

In times of war, it seems that cryptocurrencies don’t pass the reliability test. And the question arises: if they don’t pass this test, how much should people rely on them? Is it safe to save in crypto? Is it better to keep in fiat? Or, as any kid can tell, precious metals rule in tough times like these?

This section is powered by Crypto Marketing Center – Crypto Marketing Agency.

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