Crypto Market Shakes Off Russian Invasion Fears

Crypto Market Shakes Off Russian Invasion Fears


Key Takeaways

The crypto market has rallied following the possible withdrawal of Russian troops from the Ukrainian border.
The Layer 1 coins Ethereum, Solana, and Avalanche, have outpaced Bitcoin during the recent rebound.
While market movements project an easing of tensions between Russia and Ukraine, the Ukrainian government remains skeptical.

Share this article

The crypto market has rallied over the past 24 hours, as news reports indicate a Russian invasion of Ukraine looks less likely. Layer 1 coins have led the recovery, with Solana and Avalanche putting in double-digit gains. 

Russian Invasion Fears Subside

The crypto market has bounced back.

Cryptocurrencies are staging a broad recovery after reports that Russia is removing troops from the Ukraine border. Although Ukrainian officials remain skeptical of a full Russian withdrawal, the crypto market has rallied on the news, sending the total crypto market cap back above $2 trillion. 

Bitcoin has climbed 5.41% after holding support at around $42,000 over the weekend. The top cryptocurrency is currently trading at $44,420 and is closing in on its local high of $45,815 set last Thursday. 

BTC/USD chart. Source: CoinGecko

The Layer 1 coins Ethereum, Solana, and Avalanche, have outpaced Bitcoin during the recent rebound. Avalanche is currently leading the charge, gaining 13.3% after recouping from a lower low of $76.60 registered yesterday. Solana is also showing strength, climbing 10% and putting the coin back above $100. Ethereum has risen 9.1% on the day and is currently trading at $3,112. 

While it is still too early to completely dismiss a Russian invasion of Ukraine, Tuesday morning reports point to possible Russian de-escalation on the Ukrainian border. The Russian defense ministry has stated that it will withdraw some of its troops stationed on the border while releasing a video of Russian tanks and other heavy weaponry being loaded onto railway cars. 

The Russian ruble has climbed against the dollar on the news, indicating that investors believe the defense ministry’s announcement to be the start of de-escalation efforts between Russia and Ukraine. The recent gains posted by crypto assets appear to mirror this sentiment, as the diminished threat of war leads investors back to risk-on assets.

However, despite market movements projecting an easing of tensions between Russia and Ukraine, NATO officials and the Ukrainian government remain skeptical. Ukrainian foreign minister Dmytro Kuleba said that he is still waiting for evidence that Russian troops are actually being withdrawn from the Ukrainian border. 

Disclosure: At the time of writing this piece, the author owned ETH, SOL, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Markets Tremble Amid Threat of Russian Invasion of Ukraine

Crypto and stock markets have suffered today, possibly in connection to fears surrounding Russia’s ominous positioning of over 100,000 troops on the border of Ukraine. Threat of War in Ukraine…

Bitcoin Hovers at $42,000 as Hashrate Hits Record High

Bitcoin has hit its biggest-ever hashrate while the price of the asset appears to have rebounded over the last few days. Bitcoin Hashrate Hits All-Time High  The Bitcoin network’s hashrate…

A Guide to Yield Farming, Staking, and Liquidity Mining

Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…

Bitcoin, Ethereum Dip as U.S. Inflation Hits 40-Year High

The market is reacting negatively to the consumer price index’s report on U.S. inflation.  Bitcoin, Ethereum Dip on Inflation Update  U.S. inflation has hit a 40-year year-on-year high, and crypto…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *