Risk-off Sentiment Triggers Slump in Cryptocurrencies

Mumbai: Cryptocurrencies crashed as the threat of Russia invading Ukraine escalated amid border skirmishes, resulting in the crypto investor community offloading their risky digital assets to protect portfolios against further price drops.

On Friday, US President Joe Biden said Russian President Vladimir Putin had decided to invade Ukraine, and that a military strike could happen in days. On Saturday and Sunday there were reports of shelling and multiple explosions in Donetsk, eastern Ukraine, driving further fear into crypto markets.

Bitcoin was trading on Coin-base at $38,345 at 6pm India time, down 4.2% in the past 24 hours and 11.15% lower over the previous seven days.

Other alt coins also bled as investor sentiment worsened due to war clouds hanging over Europe – Ethereum was down 3.6%, Binance Coin fell 4.2%, Avalanche dropped 4.25%, Terra fell 3.31% and Cardano was down 3.85%. The metaverse tokens, Decentral and The Sand Box, fell 5.7% and 5.3%, respectively. Meme coin Shiba Inu fell over 7% and Doge-Coin slid by 2.3%. S-ET

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