Crypto Market Tumbles as Ukraine-Russia Conflict Nears No End, China Continues Crackdown

Dogecoin and Shiba Inu, that had been seeing profits until last week, failed to register gains walking into the second week of March.

Crypto Market Tumbles as Ukraine-Russia Conflict Nears No End, China Continues Crackdown

Photo Credit: Unsplash/ Quantitatives.io

The market cap of the crypto sector currently stands at $1.70 trillion

Highlights
  • Solana and Avalanche see losses
  • Nano Dogecoin see gains
  • Stablecoins continue to reap minor profits

The second week of March has not started with fireworks for the cryptocurrency market. Bitcoin opened with a loss of 2.20 percent on Monday, March 7. As per Indian exchange CoinSwitch Kuber, BTC is trading at $39,398 (roughly Rs. 30 lakh). On international exchanges such as Binance and Coinbase, Bitcoin saw losses of over 2.12 percent with trading values hovering around $37,784 (roughly Rs. 29 lakh). This week, Bitcoin has stepped into the market with overall low value. For most of last week, the prices of this cryptocurrency were revolving around $45,000 (roughly Rs. 34.5 lakh).

The tumble of the Bitcoin, which often slows down the overall market momentum, comes in the backdrop of several events. Russia continues to push into Ukraine in an invasion that started on February 24. In addition, China has decided to keep its crypto crackdown going in full force despite having already criminalised crypto mining, trading, and fundraising Bloomberg reported.

Ether followed Bitcoin to see dips. With a loss of 3.43 percent, Ether prices have dived below the mark of $2,700 (roughly Rs. 2.08 lakh), according to Gadgets 360's crypto price tracker.

Starting the second week of March, Ether values stand at $2,629 (roughly Rs. 2 lakh) on CoinSwitch Kuber. On international exchanges, ETH is trading at around $2,518 (roughly Rs. 1.95 lakh) with a loss of over 3.45 percent.

Binance Coin, Ripple, Terra, Cardano, Solana, and Avalanche also registered substantial losses, soaring as high as seven percent.

Meme-based Dogecoin and Shiba Inu also failed to reel-in gains.

Stablecoins such as Tether, USD Coin, and Binance USD managed to reap minor gains.

Underdog cryptocurrencies such as Dogefi, Bitcoin Hedge, Floki Inu, and Nano Dogecoin also registered small profits.

With the geopolitical equations between Russia, Ukraine, the US, and other nations currently tensed, high-risk assets such as cryptocurrencies are seeing investors pulling out capital.

Cryptocurrency, however, did become a topic to observe in these war-times after Ukraine turned to the crypto community for emergency donations.

On the other hands, several political figures from the West have advised crypto exchanges to block wallets and accounts linked to Russians.

“Strong enforcement of sanctions compliance in the cryptocurrency industry is critical given that digital assets, which allow entities to bypass the traditional financial system, may increasingly be used as a tool for sanctions evasion,” a recent letter written by lawmakers to US' Treasury Department said.

Meanwhile, crypto exchanges such as Binance and Coinbase are refraining from having to block Russian accounts, calling the move unfair to innocent citizens.

The market cap of the crypto sector currently stands at $1.70 trillion (roughly Rs. 1,31,00,139 crore).


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Cryptocurrency Prices across Indian exchanges

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Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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