Cryptocurrency market capitalization dropped by over 12% over the last 24 hours following Russia’s invasion of Ukraine.
At the time of writing, the market capitalization of all cryptocurrencies is approximately $1.56 trillion, down from $1.77 trillion during the last 24 hours. Many of the largest, most established cryptocurrencies in the crypto industry are also strongly declining in value.
The price of Bitcoin has dropped over 18% in the last week, and over 9% in the last 24 hours, at the time of going to press.
By market cap, Ethereum, which is the second-largest cryptocurrency, has dropped over 12 percent on the day and 22% in the last week, reaching $2,370 at the time of writing. XRP, Cardano and Solana have also suffered double-digit losses over the last 24 hours, down 13%, 17% and 10% respectively.
Due to the military operation against Ukraine by Russia, the crypto market has declined along with the broader financial market.
As the impact of international sanctions has affected the country’s economy, Russian equities have dropped by over $250 billion.
After the ruble plunged to lows not seen since 2016, the Bank of Russia took the decision to intervene in the foreign exchange market in order to help stabilize the Russian economy.
In keeping with its wider objectives, the Bank of Russia will provide 1 trillion rubles ($11.5 billion) in liquidity to Russia’s banks.
Global markets have been impacted as well; the S&P 500 and Nasdaq 100 in the US are down 1.8% and 2.6% respectively.
