Within the last 5 to 6 hours, the cryptocurrency market has seen a huge recovery of over $2 trillion following the ongoing 5-day Russian military invasion of Ukraine.
Today marks day 6 of Russia's war against Ukraine as their political agendas and internal activities work against each other. There was a major correction in the cryptocurrency and non-cryptocurrency markets when the Russian military launched the first day of war against Ukraine. Now the market is recovering rapidly.
The cryptocurrency market is starting to recover from the huge correction of February 28th. But today, March 1, bitcoin hit $44,200 and ethereum hit $2,974. With a current price of $43,774, Bitcoin is up 12.9% in the last 24 hours. Ether, on the other hand, is up more than 10%.
On February 28, most experts said that financial experts are actively thinking about the efforts of Ukraine and Russia to solve this problem with a positive mindset and better mutual discussions in order to avoid any damage to each other.
The day before, it was expected that the situation between the two countries might become more positive, but that does not seem to be the case. However, this is one small reason to push up the price of bitcoin and other cryptocurrency assets.
Few reports suggest that Russia may step up its invasion of Ukraine with its nukes/Atom bomb to finish the game in a shorter time frame.
Russia's sanctions: inflation of the Russian legal tender
Russia's national legal sovereign currency is rapidly falling against the U.S. dollar as many government agencies impose sanctions on Russia to isolate it from the global financial and trading system.
On February 28, Switzerland also announced the imposition of sanctions on the Russian financial system.
If we accurately see a recovery in the cryptocurrency market, then we will see that people see the cryptocurrency market as an option to counter the current ongoing correction in fiat currency prices.
On the one hand, Russian cryptocurrency traders are turning to cryptocurrency investments due to the highly corrected prices, and on the other hand, the Ukrainian financial system is almost dead and cannot be protected from any cyberattack threats. In this critical situation, Ukrainians are also experimenting with cryptocurrency assets.
Also Read: U.S. Officials to Introduce a Bill to Prevent Canadian Government from Acting Like a Crackdown