How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin

Christian Encila

1 year ago

2 mins read

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Bitcoin price, in the face of a possible Russian invasion of Ukraine, is shedding 0.7% of its value and is currently trading at $43,352 on Coingecko charts Thursday, retreating from the $47,000 level it hit on January 1.

Ethereum (ETH), the second most popular cryptocurrency also, is also down 2.14% to $2,873.

The world’s most valuable cryptocurrencies are on the decline Thursday as news of a possible military action by Russia on Ukraine sends markets into a tailspin.

Russian Invasion Jitters Jolt Top Cryptos

Bitcoin is losing 3% of its value as Western jitters about Russian aggression on its neighbor Ukraine have grown higher, and worse than the Nasdaq Composite index’s 0.9% drop last December.

Even though Russia is amassing more than 100,000 troops near the Ukrainian border, some investors refer to the relative calmness of trading during this period of escalating geopolitical tensions.

Russia rejects western warnings of an invasion as “hypocrisy.”

According to BuyBitcoinWorldwide’s volatility index, Bitcoin’s current 30-day volatility is losing 3.35% of its value; it averages 4.56% back in 2021, although it still has not given up all of its gains from lows of $32,950 two weeks ago.

BTC total market cap at $817.952 billion in the daily chart | Source:  TradingView.com

Russia-Ukraine Frictions And Its Impact On Crypto

According to reports, United States President Joe Biden held an hour-long chat with Ukrainian President Volodymyr Zelensky on Monday to discuss the ongoing tensions.

For his part, US national security adviser Jake Sullivan reiterated his warning of a possible invasion.

Bitcoin and Ethereum fell over 9% to its lowest level in six months as fears of a Russian strike on Ukraine grew.

Globally, the market suffered a drop that extended sell-offs between many investors.

Crypto Industry Loses $200 Billion In A Day

Commotions in the cryptocurrency market were also in a roll as Russia considers banning Bitcoin within their respective grounds.

It’s possible that Russia is being swayed by skepticisms that seem to be sweeping the cryptocurrencies market.

Meanwhile, Russia is reportedly mulling a total ban on Bitcoin mining and trade, according to its central bank’s assessment.

Russia is an important processing hub for Bitcoin transactions because it accounts for around 10% of the world’s mining capacity.

Over the previous 24 hours, the cryptocurrency industry has lost $200 billion in market value. Bitcoin’s total market capitalization is now at $1.8 trillion.

In the current state of affairs, the vast majority of Bitcoin specialists feel that cryptocurrency and the future of the markets are interlinked at this time.

In the wake of recent events, the value of Bitcoin, Ethereum and Cardano have taken quite a beating.

Featured image from CoinMarketCap, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.