Ukraine Crisis Leads to the Liquidation of Crypto Worth $197 Million

Ukraine Crisis Takes a Toll on Crypto

Ever since Russia's belligerent stance on Ukraine, the crypto market has gone into a tailspin, which led to Bitcoin collapsing to nearly $33,000 in the last week of January- its lowest since it hit an all-time high in November last year. The panic withdrawal has been further bolstered by the entry of Russian troops into Ukraine, which led to major price drops for almost every cryptocurrency. Bitcoin dropped to $36,370 on Tuesday after reaching a high of $44,125 a week earlier, while other prominent digital coins including Ethereum and Solana have all experienced price drops.

Ether, the cryptocurrency linked to the Ethereum blockchain, fell 10% to $2,373. Meanwhile, Dogecoin was trading at $0.11, down BY over12%, and Shiba Inu was trading at $0.000022, down nearly10%. Other coins' performance suffered as well, with values for Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, and Polkadot falling by 8-15%.

Despite a recovery, Bitcoin continues to trade at $38,964.01 at the time of writing.  According to Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank, bitcoin will trade between$32,000 and $43,000.