Over the last 12 hours, almost $200 billion has departed the digital asset space, culminating in a significant market decline that has brought total market capitalization to a seven-month low.
According to Coinmarketcap, the total market cap was around $1.64 trillion at the time of publication, the lowest level since early August 2021. Around 12 hours ago, the selloff accelerated after reports surfaced that Russia had launched military operations against Ukrainian targets.
Russian President Vladimir Putin announced a military operation in Ukraine, with explosions reported in multiple locations. According to ZeroHedge, Moscow has halted trading on Russian stock exchanges, and Asian stock exchanges are currently falling as the threat of war becomes a reality.
Crypto-Assets are falling
- As the market selloff escalates, cryptocurrencies have been hammered particularly hard. Bitcoin has lost 8.6% on the day and is currently trading at $34,725 at the time of writing, its lowest level since January 24.
- BTC is currently down 49% from its all-time high set in November, adding to the 21% drop it has experienced in the last seven days. As all of those below it have tanked even further, the world’s leading cryptocurrency is once again playing the pied piper.
- Ethereum prices have plummeted 10% on the day, with ETH trading at $2,382 at the time of writing. This is the asset’s lowest level since January 24, and it’s on track to hit a seven-month low.
- The rest of the crypto market is currently in a sea of red, with Binance Coin (BNB), Ripple (XRP), Solana (SOL), and Cardano (ADA) all down 9 to 13%. Stablecoins are the only tokens that are now profitable.
Gold Prices have Risen Sharply
Gold is one of the few commodities that has risen in value recently, as is typical of the store of value assets during times of uncertainty. Gold’s spot price hit $1,948/oz only a few hours ago, its highest since early January 2021.
