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Bitcoin, crypto markets take a bloodbath following Putin declaring war on Ukraine

If you are an investor in cryptocurrencies, you would have seen red color in your portfolio today. The world was just getting over from the Omicron virus crisis and then these tensions between Russia and Ukraine began, finally ending up in War. After Russian President Vladimir Putin declared a “special military operation” for the “demilitarisation and deNazification of Ukraine,” the bitcoin market took a dive in what was already looking like a day in the red zone.

As of press time, the global cryptocurrency market cap has dropped to US$1.58 trillion, its lowest level since August, with the selloff still ongoing.

According to CoinGecko, the top five cryptocurrencies are all sliding, with Bitcoin down 5.6 percent in less than two hours to US$34,958, and Ethereum falling 7.7 percent to US$2,382. Terra has lost some of its gains since Thursday AM Asia time, and is now trading at US$55.89, down from its 24-hour high of US$62.92.

Several explosions have been recorded in Ukraine, prompting European aviation officials to issue a warning about the risk of civilian flights being shot down.

The West is considering imposing full-fledged sanctions on Russia, while Putin has warned foreign powers not to interfere.

Will you buy the dip, or sell or hold your current investments? Comment below.

 

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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