Unsurprisingly, Bitcoin and Ethereum prices plummeted after Russia invaded Ukraine. Fortunately, the two biggest cryptocurrencies are now showing signs of life once again despite the economy being widely affected by the crisis.
Cryptocurrency Markets Crash
In recent weeks, the values of major cryptocurrencies have plummeted as the conflict between Russia and Ukraine intensified.
As CBS News reported, some analysts said the "declines show that cryptocurrencies are a poor choice for investors seeking stability in periods of market turmoil, in contrast to traditional hedges against risk like gold and U.S. Treasury securities."
Naturally, the biggest coins affected were Bitcoin and Ethereum, being the major players in the industry. According to CNN, Bitcoin price fell below $35,000 in early morning of Thursday as Russia's attack of Ukraine continued. BTC value was over $40,000 a week ago.
The same goes for Ethereum, which fell to around $2,300 on Thursday.
Another crypto coin that has experienced a quick dip in prices is Solana. The cryptocurrency coin that competes with Ethereum and is popular among NFT creators fell 10 percent to $83 as well.
Even Shiba Inu, a meme coin that experienced a logic-defying 49,000,000 percent growth last year, saw its value plummet by ten percent.
In the past 24 hours, the total cryptocurrency market has lost $160 billion in value, representing a 10 percent decline since the beginning of the Ukraine invasion, according to market tracker CoinMarketCap.
At present, there is still a military and economic threat of Russian hegemony to Ukraine.
Fortunately, the widespread wave of chaos has left the market allowing Bitcoin, Ethereum, and altcoins to stabilize back to their prices.
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Bitcoin, Ethereum Prices Going Up Again, Showing Signs of Life
As of time of writing, Bitcoin price is at $38,707, which signifies a 9.28 percent increase in the last 24 hours, per CoinDesk. Obviously, that is a way bigger jump compared to its value during the start of the Russia-Ukraine crisis.
Meanwhile, Ethereum prices have also recovered, now at 2,631.99. That's an even better increase compared to Bitcoin, signifying a 10.76 percent bounce-back for the second-largest crypto coin in the world.
It remains to be seen if Bitcoin and Ethereum prices will continue to go up or remain stable given the current crisis. World stucks have plunged because of the issue, with oil prices increasing as well.
The issue certainly has huge economic implications, and given the volatile nature of cryptoccurency markets, it won't be surprising to see some major dips in the upcoming days.
With that said, interested fans are advised to invest with caution amid these problematic times.Like it has always been, there are no assurances that crypto coins like Bitcoin and Ethereum will keep increasing in value, so it is always better to invest money that one can afford to lose. Despite its promising opportunity for profits, it might be difficult to gain as much as people used to from these speculative assets.
