Saturday, July 2, 2022

Bitcoin fell 12% after Russian forces fired missiles at several cities in Ukraine.

The Takeaway:

The leading cryptocurrency Bitcoin slumped to its lowest in a month on Thursday after Russian forces fired missiles at several cities in Ukraine.

Bitcoin slumped to its lowest in a month on Thursday after Russian forces fired missiles at several cities in Ukraine and landed troops on its coast, sparking a sell-off of riskier assets. The cryptocurrency fell by as much as 7.9% to $34,324, its lowest since Jan. 24, and was last trading down 4.5%. Smaller coins that typically move in tandem with bitcoin also fell, with ether losing as much as 10.8%.

 

Russia launched an all-out invasion of Ukraine by land, air, and sea. 

Russia launched an all-out invasion of Ukraine by land, air, and sea, the biggest attack by one state against another in Europe since World War Two, and confirmation of the worst fears of the West. According to the Reuters report, Ukraine reported columns of troops pouring across its borders into the eastern Chernihiv, Kharkiv, and Luhansk regions and landing by sea at the cities of Odessa and Mariupol in the south. Ukraine’s President Volodymur Zelenskiy said Kremlin leader Vladimir Putin’s aim was to destroy his state.

 

Dollar, gold, and oil prices jump higher. 

Global stocks and U.S. bond yields nosedived, while the dollar, gold, and oil prices rocketed higher as investors scrambled for perceived safe-haven assets. Europe’s main stock markets opened 2.5%-4% lower, and benchmark government bonds, the dollar, Swiss franc, Japanese yen, and gold all rallied in a move to safety.

U.S. President Joe Biden said that the United States and its allies would impose “severe sanctions” on Russia after the attacks. Europe’s leaders said they would freeze assets and shut Russian banks out of its financial markets. As reported earlier, Ethereum co-founder Vitalik Buterin had called Russia’s invasion of Ukraine a crime against the Russian and Ukrainian people. 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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