Crypto Weekly Outlook: Global Events Influence Cryptocurrency Price Actions

ByDawn Pipkin

Feb 27, 2022

Bitcoin and other cryptos declined amid an open crisis between Ukraine and Russia. The recent downside actions had the crypto market’s total value plunging towards $1.75 trillion. Other digital coins saw even more losses than BTC, dropping nearly 20%. Ethereum, the 2nd largest token, lost 11% on Thursday as Russia invaded Ukraine. Many top assets lost over 10% of their value.

The crypto market registered massive downswings after Russia attacked Ukraine. Indeed the geopolitical saw most assets in the financial industry plummeting. However, cryptocurrencies’ volatility had them falling more than traditional stocks.

Crypto Market Plunge

Bitcoin lost 8% early on Thursday as the Ukraine-Russia war intensified. That came as the traditional markets also plunged. However, that appeared lucrative as most analysts predicted price hikes amid global disruption. That is because cryptos are alternative to government-tied assets and currencies.

Instead, BTC and other virtual coins decline amid an open battle between Ukraine and Russia. The latest downswings had the crypto market value plummeting towards $1.75 trillion (Coinmarketcap data).

Alts Bleed

Assets in the altcoin market suffered worse than Bitcoin, losing up to 20% of their price. The leading alt, Ethereum, lost nearly 11% of its price amid intensified Russia-Ukraine tensions. The rapid declines had cryptocurrency trading volumes surging significantly. Trading activity stood 45% up on Thursday (Coinmarketcap).

Global Financial Markets

The overall financial markets, including commodities and shares, registered weak performance. Conventional benchmarks in Asia and Europe lost up to 4% as investors contemplated Putin’s impact and the West retaliation. Wall Street’s future saw a sudden 2.5% decline.

The move by Russia had the European Union planning sanctions in response to the attack. Putin said his military action was to protect citizens in eastern Ukraine. However, the West believes the Russian president justifies his invasion with the remarks.

While publishing this content, the global market cap stands at $1.80 trillion, following a 1.77% increase within the past day.

Top Gainers of the Week

  • Terra (LUNA) – +52%
  • Anchor Protocol ($ANC) – +51%
  • Waves (WAVES) – +27%
  • Cosmos (ATOM) – +11%
  • Helium (HNT) – +5%

Top Losers of the Week

  • Convex Finance (CVX): -24%
  • Neo (NEO): -20%
  • Kusama (KSM): – 17%
  • PancakeSwap (CAKE): -16%
  • Graph (GRT): -15%

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