The Cryptocurrency Market Plummets as Russia Announces Military Operation

The tension of the last hours between Russia and Ukraine makes the crypto market suffer

The cryptocurrency market plummets again on Thursday as Russia announces military operation over Ukraine on Thursday morning. Data reveals that more than $100 million were liquidated in one hour following the announcement. The global crypto market cap is $1.57T at the time of writing, a 9.30% decrease over the last day.

Bitcoin (BTC)

According to the data available on CoinMarketCap, Bitcoin is about 9% down in the last 24-hours. BTC prices started Thursday, February 24, at around $37,800. Following a global market rout triggered by Russia’s move to launch military action on Ukraine on Thursday morning, the coin’s prices fell $2,000 in less than an hour.

Bitcoin is now changing hands at $34,964 at the time of writing. According to the data provided by CoinGlass, $74.67 million in Bitcoin has been liquidated in the last 4 hours.

Altcoin Market

According to CoinMarketCap, Ethereum (ETH) took a heavier toll as the second-largest crypto assets by market cap is more than 12% in the last 24-hours. ETH started Thursday at around $2,600 per coin. As the news broke out, the ETH price dropped 9% from $2,572 to $2,338 in less than four hours.

ETH is now changing hands at $2,344 at the time of writing. According to CoinGlass, $74.62 million in Ethereum has been liquidated in the last four hours.

BNB has posted nearly 12% losses in the last 24-hours. Following the news, BNB price dropped 10% on Thursday morning, February 24, from $368 to $330 at the time of writing. XRP and Solana (SOL) have registered 11.80% and 9.80% losses in the last 24-hours respectively.

Ukraine Bitcoin

Cardano (ADA) is more than 16.50% percent down to $0.7613. Avalanche (AVAX) has fallen more than 15.50 percent to $65.57 at the time of writing. The prices of Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB) have dropped 15.93%, 15.08%, and 15.02% as of writing.

DeFi Market

According to DeFi Llama, the total value locked in decentralized finance protocols has pulled back below $200 billion. Over the last 24 hours, the total value locked (TVL) in the decentralized finance (DeFi) space across all DeFi chains has dropped 6.23% in the last 24-hours to $183.46 billion. On February 18, 2022, the TVL on DeFi platform on all chains was above $200 billion, down from over $251 billion on December 27.

As Crypto Economy reported earlier, the Russia-Ukraine crisis resulted in nearly 10% market decline on February 18.