The past week was riddled with volatility, largely induced by the geopolitical turmoil. Russia declared a military operation against Ukraine and invaded the country’s borders on Thursday – February 24th. In a move that shocked many and was expected by some, the two countries are actively engaged in the first war in Europe for quite some time.
Needless to say, this shook financial markets. On Thursday, global stocks traded in the red, and this caused further mayhem in the cryptocurrency field, BTC, alongside almost every other coin, declined by double-digit percentages and crashed towards $35K.
As the European Union and the United States, amongst other countries, responded to what’s going on in Ukraine with a promise of harsh sanctions, markets bounced. In fact, the move-up was just as aggressive as the dump. Bitcoin is eyeing $40K at the time of this writing, while the entire market is painted green.
This massive volatility resulted in over $800 million worth of liquidated both long and short positions, and it shows no signs of slowing down. Major altcoins are currently trading in the green on the daily time frame, charting massive gains, but are still losing value during the past seven days.
It’s unclear how things are going to get resolved from now on. In an official statement, the Russian President – Vladimir Putin – said that they are prepared for any outcome. Meanwhile, in Ukraine, there are reports circulating of serious resistance to the Russian military forces.
All in all, the past 48 hours have been riddled with nothing but volatility and overall economic uncertainty. It’s interesting to see how the next will shape up amid the escalating geopolitical tension.
Market Cap: $1,835B | 24H Vol: $117B BTC Dominance: 40.6%
BTC: $39,471 (-3.1%) | ETH: $2,728 (-6.2%) | ADA: $0.88 (-14%)
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