With the rising tensions between Ukraine and Russia, several cryptocurrencies fell as global markets were alerted by the developments. The global cryptocurrency market cap fell by 7.76% and is now worth just over $1.65 trillion. Several major cryptos also took a hit, with each dropping by at least 6% to 14%.
XRP slipped 14.25% and fell below the support level it danced on in the last week. As of writing, the XRP price is now trading at $0.6847. Meanwhile, ETH saw 8% losses to $2523, Dogecoin declined by 10.14% to $0.1259, Litecoin lost 10.74% to $101.68 and Stellar fell 12.10% to $0.175. Even Bitcoin was hit. The biggest cryptocurrency in market capitalization slipped 6.47% to $36,760.
This was not an isolated case. World shares were trading at a much lower rate as investors watched the developments in the crisis between Russia and Ukraine. Shares fell in the Asian markets. Tokyo’s Nikkei 225 index lost 1.8%, Kospo from Seoul lost 1.69%, and The Shanghai Composite Index lost 1,44%. But, the most significant hit was on Hongkong’s Hang Seng, which saw a 3.29% loss since yesterday.
Several other global markets also saw losses. S&P 500 e-mini futures lost 1.81%. Nasdaq 100 e-futures lost 2.65%. Dow Jones industrial average e-mini futures lost 1.37%. The stock markets in the US were closed for the day due to the President’s Day Holiday, but the effects of the conflict on their market will likely be seen tomorrow. These losses in the market may continue for a few days while the world awaits developments in the conflict.
However, there are still signs that cryptocurrencies will continue to recover faster than the global market. The recent developments with their usability have been promising, especially for XRP. Add the pending decision on the SEC’s lawsuit on the token, and there still seems to be light after the tunnel for Ripple.