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The Russian-Ukrainian conflict continues to weaken the price of cryptocurrencies amid global volatility

Cryptocurrencies have again suffered from the Russian-Ukrainian crisis. Overall, the market was down 4.02% during Monday's session. Fear invades investors for fear that the situation will lead to real armed conflicts between the two countries. Moreover, Joe Biden was talking about the imminence of a Russian invasion during his last press conference.

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To be more precise, we have bitcoin which is down 3.47% at the time of writing the article. The price of BTC ($37,132) is moving away a little more from $40,000. Ethereum is also breaking away from the $3,000 mark. Currently, its price is trading at $2,570, down 2.54% in 24 hours. Binance Chain’s even more bearish BNB is down 6.35%.

 

Among the top 10, XRP and Solana are the two projects that had the worst daily performance. XRP, still stuck in this legal case with the SEC, fell $9.48. Solana for his part fell by 9.21% during the session. Gala (-10.94%), Neo (-13.33%), Theta Network (-10.35) and DASH (-11.53%) complete the list of worst performers in the top 100.

The Tension Goes Up A Notch: Russia Signs The Escalation!

 

Recognizing the independence of the pro-Russian separatist regions, Vladimir Putin ordered the armed forces to perform the functions of “  guarantor of peace in the territory of the people’s republics.” An act that Westerners qualify as a signal towards escalation.

The candidate for the French presidential election said in a press release: ”  Vladimir Putin’s decision is an eminently regrettable act which does not contribute to the necessary de-escalation of tensions “.

The French president, for his part, declared: 

The President of the Republic [Emmanuel Macron] condemns the decision taken by the President of the Russian Federation to recognize the separatist regions of eastern Ukraine. This is clearly a unilateral violation of Russia’s international commitments and an attack on Ukraine’s sovereignty.

It was reported that the French president subsequently called for an urgent meeting of the united nations security council and targeted european sanctions. 

Financial analysts are also worried about the recognition of the independence of pro-Russian separatist regions. In the words of Damien McColough, head of fixed income research at Westpac Banking Corp on Bloomberg:

Putin’s recognition of the separatists has added a new dimension that makes us fear even more that an invasion is happening. »

Although before, he acknowledged that it was difficult to assess risk returns in such an environment.

European Markets Swept Away By The Russian-Ukrainian Dossier

 

European markets were the first to fall from this hot Russian-Ukrainian backdrop. European indices closed the session down sharply. The Eurozone benchmark index fell 2.17%. The flagship index of the Paris stock exchange, the CAC 40 fell by 2.04% to 6,788.34 points. The Frankfurt Stock Exchange fell 2.07% to 14,731.12 points.

It is worth pointing out that the price of oil has risen in the shadow of the conflict. The price of WTI Crude rose 3.44% and is gradually approaching the $100 mark. The inverse performance index of cryptocurrencies, namely the DXY, also rose by 0.09% during Monday’s session. 

Cryptocurrencies: Support Levels To Watch!

 

The Russian-Ukrainian conflict continues to weaken the price of cryptocurrencies amid global volatility
BTC/USDT price

When we observe the evolution of Bitcoin on a daily basis, we can clearly see that the asset is in a downtrend. Its price is below the SMA-20 valued at $41,460 and the SMA-50 valued at $40,739. Currently, the price of BTC finds itself engulfed between two crucial technical levels. If   during the following sessions, he manages to go above $39,650, he can hope to avoid the worst. On the other hand, if it continues to fall and comes close to its 3-month low of $33,350, it is very likely to fall towards $20,000-$25,000.   The RSI (36) indicates a momentum close to oversold with a divergence on the daily. 

The Russian-Ukrainian conflict continues to weaken the price of cryptocurrencies amid global volatility
ETH/USDT price

 

ETH/USDT price

Ethereum, which at the beginning of February had managed to extricate itself from the bearish channel, has just fallen back into the zone with its fall towards $2,600. ETH needs a performance that will take it towards $2756 to break out of the downtrend channel. If he fails to realize this rush, it is clear that he will fall towards $2,200 and in the worst case $1,700. 

In any case, this year everything seems to be playing against cryptocurrencies. At first, it was Omicron. Afterwards, the rise in rates which is still there. Finally, this Russian-Ukrainian conflict which further weakens the evolution of digital assets on the stock market. However, assets that were to serve as a safe haven during this year of “ flight to quality.

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