Crypto market recovers to $2 Trillion amid Russia vs Ukraine fight
In the last 5-6 hours the crypto market saw a huge recovery by surpassing US$2 trillion after 5 days of ongoing Russian military invasions on Ukraine.
Today is the 6th day of the Russia vs Ukraine war fight because of their political agendas and internal activities, which are not favorable to each other. When the first day war by the Russian military took place against Ukraine then the crypto and the non-crypto market saw significant correction. Now the market is following a rapid recovery.
The crypto market started to recover from its huge correction on 28 February. But today on 1 March, Bitcoin touched $44,200 and Ethereum touched $2,974. With the current price of $43,774, Bitcoin is 12.9% higher over the last 24 hours. While Ethereum is up by more than 10%.
On 28 February, the majority of the experts noted that financial experts are thinking positively about the efforts of Ukraine and Russia to settle this situation with a positive mentality and better discussion with each other so that they can avoid any type of loss for each other.
Last day people expected that the situation may be going to be much more positive for both countries but it seems not. However that was a small reason to push the price of Bitcoin and other crypto assets up.
Few reports noted that Russia may boost its invasions against Ukraine with its nuclear/atom bombs to finish the game within less time frame.
Sanctions of Russia: Inflation in Russian fiat currency
Due to the Sanctions imposed by many government agencies against Russia to isolate it from the Global financial and trade system, the native fiat sovereign currency of Russia is falling rapidly against the US dollar.
On 28 February, Switzerland also announced its sanctions on Russia against its financial system.
If we see precisely the crypto market recovery then we will find that people are looking at the crypto market as an option to fight against the current ongoing corrections in the price of fiat currencies.
On one side Russian crypto traders are moving toward crypto Investment because of high correction in price, on other hand, Ukraine’s financial systems are almost dead to protect it against any threat of cyber attack. Ukrainian are also trying to use crypto assets amid this critical situation.
Read also: US Official To Introduce A Bill To Prevent Govt From Canada Like Crackdown
