High Volatility In Crypto Following War Crisis In Europe

Investors are on a crazy move to redeem everything from their bank accounts and invest in less risky assets such as gold and USD.

Many people across the world embarked on the use of cryptocurrencies as a way of redeeming money from Russia is currently under a huge sanction strike.

After Russia invaded Ukraine, digital currencies surged in value. The rise in value was led by bitcoin, followed by other cryptocurrencies like Ethereum and Solana. The surging value of cryptocurrencies has been attributed to the increasing demand for them from Russians and Ukrainians following the crumble of the countries’ currencies.

After the invasion started, Bitcoin dropped below 35,000 dollars and Ethereum dropped below 2,400 dollars though both have risen since then. Crypto experts see bitcoin as a safe haven to store cash during war or disaster arguing that it is safer than traditional currencies.

Cryptocurrencies traded in the red on Monday where the global crypto market cap was 1.70 trillion dollars, a 2.84 percent decrease over the last day suggesting a lower appetite for risk among crypto traders.

Meanwhile, a proposal that could see cryptocurrencies like bitcoin shift to more environmentally friendly mechanisms was rejected in a European union parliament committee vote. This led to a little market reaction despite the fact that some alternative cryptocurrencies such as dogecoin (DOGE) matched earlier gains.

On Tuesday the global crypto market cap jumped to 1.73 trillion dollars, a 0.13 percent increase over the last day.

The total crypto market volume over the last 24 hours is 73. 39 billion dollars which makes an 8.39 percent increase. The total volume of DeFi is currently 12.51 billion dollars, 17.05 percent of the total crypto market 24-hour volume. The volume of all stable coins is now 61.94 billion dollars which is 84.40 percent of the total crypto market’s 24-hour volume.

Bitcoin’s price is currently 38, 824.16 dollars while bitcoin’s dominance is currently 42.66 percent, an increase of 0.20 percent over the day.

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