Global Crypto Market Stabilizes After Recent Bloodbath
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- Vitalik Buterin has reacted strongly to Russia’s invasion of Ukraine.
- The price of oil has risen by 2% in a single day.
After the Russian invasion of Ukraine started, the global crypto market experienced its worst day ever since the value of cryptocurrencies has been steadily decreasing. Bitcoin was a clear example, as it lost roughly 7% in less than 5 hours. Despite investors’ fears, the market rebounded rapidly. Vitalik Buterin and other crypto professionals have reacted strongly to Russia’s invasion of Ukraine. While Ethereum may be neutral regarding the ongoing feud, he is not, was Buterin’s response. The global crypto market now stands at $1.71T, a 9.17% increase in the last 24 hours as per CoinMarketCap, with Bitcoin and Ethereum trading in green.
Sanctions Imposed by West
The Ukrainian Ministry of Defense cannot accept contributions in cryptocurrencies like bitcoin because of the unfavorable circumstances in Ukraine. It demonstrates the shift in the cases and the increasing importance of crypto in our current society. Though cryptocurrency adoption is now a challenge, the matter may be resolved very soon.
In response to Russia’s decision to escalate the situation into a full-blown war, prices increased. The price of oil has risen by 2% in a single day. The war’s unpredictability is to blame for this increase. There is a potential that sanctions imposed by the West would hurt Russia, which is a significant energy producer.
After the Russian invasion of Ukraine started, the value of Bitcoin decreased. As with other cryptocurrencies, this was the case. However, after Biden’s statement, the situation has begun to improve, and the market is showing a favorable trend toward bitcoin. On the other hand, Bitcoin mining in Russia has not decreased and continues as usual. As a result, there has been no change in how bitcoin is mined.
Cryptocurrency
