Crypto markets plunge following Russia’s invasion of Ukraine
economictimes.indiatimes.comMumbai: The global cryptocurrency market plunged 11% on Thursday, as Russia sent troops to Ukraine in what it termed as a “special military operation” but widely condemned by Western powers as an outright invasion. The most valuable crypto assets have dropped between 10% and 18% since Wednesday as the geopolitical conflict escalated, sending tremors across global markets.Bitcoin fell to its lowest level since January 24 below $35,000 before inching slightly over that mark, according to market tracker Coingecko.com.
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View Details »Altcoins, like Ethereum’s token, fell by almost 14% since Wednesday evening. Solana, Cardano, Terra all dived 10-12%. On Indian crypto exchanges, trading volumes were up 50-100% between Wednesday and Thursday, according to Coinmarketcap.com. Indian retail investors showed mixed behaviour, with seasoned investors “buying the dip” and smaller portfolio ones cashing out their crypto holding, exchange executives told ET. The buy/sell ratio largely remained unchanged on most exchanges. “The impact of the war has been felt on the crypto markets too, as expected with any investment asset. Since the US and global markets lead the trends and movements, the Indian market is following the global crypto market. However, we do see increased activity from users and higher volumes, " said Minal Thukral, senior vice president of growth and strategy, CoinDCX. “While there has been some panic selling specifically by retail users holding small portfolios, volume-wise buy/sell ratio has not changed much.” On crypto exchange Unocoin, trading
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