After being reddened on Wednesday night, crypto fell to a halt on Thursday when Russia invaded Ukraine.
As tensions in Ukraine escalated, US stocks fell yesterday. Investors fleeing safe assets left the SPX500 (-22.25%), DJ30 (+1.69%), and NASDAQ100 in red.
Recent tensions are high due to Russia’s ongoing crisis with the West. It poses an increase danger that could impact many other aspects of Earth life such as trade deals or violence between their citizens back home (Ukraine).
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Preliminary GDP data for the fourth Quarter of 2021 will be available at 13:30 GMT. This could lead to volatility in markets.
With Russia’s invasion of Ukraine, oil prices have skyrocketed past $97 this morning.
Top Cryptocurrencies Performance
Over the last 24 hours the crypto market experienced a sharp drop with the majority of coins within the top 20 falling by 10%. Five of the top 10 cryptos suffered losses exceeding 15%: Cardano, Avalanche and BNB both lost double-digits. XRP had lost 11%, making it the sixth highest-valued coin according to market capital.
Bitcoin prices are down, currently trading below $35,000 as I write these words. Other than the top 10, Dogecoin is down 15%, Polkadot and Polygon are also losing significant value with their respective falls of over 14%.
The Day’s Top Movers
It’s not just the top 20 cryptocurrencies that are struggling to keep their heads above water. The majority of tokens available today have a loss of 8% or less, so this group is not the only one. Chainlink is getting hit even harder – losing 17%. Gala, Fantom Elrond and Fantom all suffered losses of 18%.
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After Putin’s declaration of war on Ukraine, the markets plunged. VeChain, AAVE and Harmony lost nearly 17% each, while Enjin Coin, Harmony Looper and Curve DAO Token fell 19%.
The group’s biggest loser is Convex Finance, which shed almost a quarter of its value. Other companies lost 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, a company offering Contract-as-Service services for digital artists and collector issuers is new. The platform allows them to quickly create contracts with no coding skills, which in turn has helped increase the token’s value by 82% within 24 hours.
The cryptocurrency market has been in a slump, however the ACCEL token saw an 18% increase over the past 24 hours. What’s the reason? Today is the day that Binance will be listed. 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 taken from Pixabay. Chart from TradingView.com