Ukraine crisis: Crypto crashes by 10%; $1.59 trillion market cap wipes out

February 24, 2022

  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.

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