Tremors of the Ukraine crisis are being felt in the financial markets across the globe.
While cryptocurrencies prices fell up to 10 percent, oil prices surged to $ 103 per barrel. There was a bloodbath in stock markets across the world. Gold prices soared by two percent
Crypto market capitalization dipped into the reds wiping out 8 percent of the market cap at $1.59 trillion. Bitcoin, the oldest and the largest cryptocurrency, is currently down by 8 percent and is trading at Rs 27,59,004 ($34,989). Ethereum, the second-largest crypto, is down by 10 percent at Rs 1,88,512 ($2391.63). Meme Coins such as Shiba Inu and Dogecoin are also down up to 12 percent at Rs 0.001788 ($0.00002254) and Rs 9.07 ($0.114).
Sensex also fell 1,640 points to 55,585 and Nifty dropped 490 points to 16,572 in the morning session. Though crypto is seen as a hedge against global uncertainties, the current downfall indicates the reversal of the trend.
Oil prices surged on Thursday, with Brent breaching $100 a barrel for the first time since 2014, after Russia attacked Ukraine, exacerbating concerns that a war in Europe could disrupt global energy supplies.
Brent crude rose to as much as $103.78 a barrel, the highest since August 14, 2014, and was at $103.18 a barrel at 0830 GMT, up to $6.34, or 6.5%.
Russia is the world’s second-largest oil producer, mainly selling its crude to European refineries, and is the largest provider of natural gas to Europe, providing about 35% of its supply.
Gold prices jumped more than 2% on Thursday to their highest in over a year and palladium extended a rally as Russia launched an all-out invasion of Ukraine after President Vladimir Putin authorized what he called a special military operation.
Spot gold climbed 1.8% to $1,941.50 per ounce by 0841 GMT, after hitting the highest since January 2021 at $1,948.77. U.S. gold futures jumped 1.7% to $1,943.20.