Cryptocurrencies suffer huge selloffs as Putin orders military operations in Ukraine

February 24, 2022 04:19 PM AEDT | By Daniel Paul Johns

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Cryptocurrencies suffer huge selloffs as Putin orders military operations in Ukraine — Image source: © Pietpuk283 | Megapixl.com

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Highlights

Bitcoin took a nosedive, falling from US$37,000 to US$35,000 – a drop of almost 6% - in the space of an hour.

Analysts have been warning of a cataclysmic shift in the market, with many calling previous highs of many cryptos, including Bitcoin, overblown.

A crypto selloff has also been the result of escalating conflict between Russia and Ukraine where it’s just been reported that Kyiv and Kharkiv have been hit by Russian missiles.

The crypto market suffered a significant crash on Thursday following Russian President Vladimir Putin’s decision to launch military operations in eastern Ukraine, which the market fears could eventually lead to a war.

Bitcoin – at approximately 1:50pm AEST, Bitcoin took a nosedive, falling from US$37,000 to US$35,000 – a drop of almost 6% - in the space of an hour.

Ethereum – The second-largest cryptocurrency also plummeted at 1:50pm AEST, dropping from US$2,570 to US$2,400, which is a fall of around 6%.

XRP – one of the hardest-hit tokens on Thursday, also saw a steep drop just before 2pm AEST, falling from US$0.695 to US$0.64 – a loss of around 7% – in an hour.

What is the cause?

Analysts have been warning of a cataclysmic shift in the market, with many calling previous highs of many cryptos, including Bitcoin, overblown. Now we are coming out of the COVID-19 pandemic, it seems reality is finally beginning to settle in.

Combine this with rapidly rising inflation, which initially triggered the market late last year when Fed chair Jerome Powell called for an end to the Fed's easy monetary policy so the country could address soaring inflation, which is now the highest it’s been in decades.

And of course, the rising conflict between Russia and Ukraine where it’s just been reported that Kyiv and Kharkiv have been hit by Russian missiles.

This comes on the back of Russian President Vladimir Putin’s decision to send “peacekeepers” to Ukraine regions, which are reportedly run by Ukraine separatists.

While a full-scale invasion is yet to happen, the White House has said it believes one is imminent.

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