- February 24, 2022
- Posted by: Bogdan
- Category: bitcoin, Blockchain, cryptocurrency, Cryptocurrency news, Market Update, Russia-Ukraine
The crypto was red on Wednesday night but took a nosedive on Thursday morning when it became clear that Russia was attacking Ukraine.
Yesterday, US stocks went into freefall as tensions in Ukraine continued to escalate. The SPX500 (-2.25%), DJ30 (-1.69%), and NASDAQ100 finished heavily red with investors fleeing safer assets.
Tensions have been high lately due to the ongoing crisis between Russia and the West, which poses an increased danger that could affect many different aspects of life around planet Earth such as trade agreements or even violence between its citizens at home base (Ukraine).
The preliminary GDP data for the fourth quarter of 2021 is expected to be released at 13:30 GMT, which could cause volatility in markets.
With Russia’s invasion of Ukraine, oil prices have skyrocketed past $97 this morning.
Top Cryptocurrencies Performance
The crypto market took a nosedive over the past 24 hours, with most coins in the top 20 dropping by 10%. Five out of 10 cryptocurrencies experienced double-digit losses: Cardano more than 15%, Avalanche 14% Ethereum and BNB 12%. The sixth-highest valued coin by market capital, XRP, had fallen 11%.
The price of Bitcoin is down today, trading under $35,000 when writing these words. Outside top 10 coins, Dogecoin (down 15%), Polkadot, and Polygon have also lost significant value, with them falling over 14%.
Top Movers Of The Day
It’s not just the top 20 cryptocurrencies that are struggling to keep their heads above water. Outside of this select group, 8% or less loss has been sustained by most other tokens on offer today. Chainlink is getting hit even harder – losing 17%. The Graph, Fantom, Elrond, and Gala each lost 18%.
Related Reading | Crypto Market Bleeds As Missiles Rain Down On Ukraine
The markets took a plunge on news that Putin declared war against Ukraine. VeChain and AAVE lost almost 17%, while Theta Network, Enjin coin, Harmony, Looper, and Curve DAO Token dropped 19%.
The group’s biggest loser is Convex Finance, which shed almost a quarter of its value. The other companies have all lost between 19-20%. Mina’s loss was 20%, followed by Kadena at 19% and PancakeSwap with an 18% decrease in performance.
Top Trending Market Update
Unifty is a new company that provides Contract-as-Service solutions for digital artists and collectible issuers. Their platform enables them to create contracts without coding knowledge, which has increased the value of their token by 82% in just 24 hours.
The crypto market is in the doldrums, but ACCEL token has seen an increase of more than 18% over 24 hours. The reason? A Binance listing is scheduled for today. It’s a multi-utility asset that claims to bring several real-world utilities into the cryptocurrency space, and investors are excited about it.
Featured image from Pixabay, Chart from TradingView.com