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- The war between Russia and Ukraine has sparked a massive battle and severely affected the financial market last week, especially the crypto industry.
- Bitcoin witnessed high price fluctuations and hit a twelve-day high by hitting around $43,500, and saw its highest daily increase since last February.
- Other altcoins saw notable gains, which resulted in high liquidations. The market saw total liquidations of more than $310 million.
The invasion of Russia in Ukraine has resulted in massive changes in varied industries globally. And one of them is the Crypto industry.
This military operation by Vladimir Putin, President of Russia, against Ukraine, its western neighbor, has sparked a massive war and affected the financial market drastically last week. And the boost in price fluctuations in the crypto industry has resulted in liquidations worth more than $310 million. And the 15% price surge of Bitcoin (BTC) was the largest one in the year.
Bitcoin being the oldest cryptocurrency has significant market domination and saying that it is also a highly volatile asset. It dropped by around $5000 in a single day, witnessing a month low of around $34,000. But as no country wanted to get indulged in this war of two soviet states, Bitcoin revived rapidly on the following day itself. And it maintained the consolidated position by fluctuating around $38,000.
But this changed the previous day drastically when Bitcoin surged suddenly and broke the $40,000 level. It eventually climbed to a twelve-day high by reaching around $43,500.
This surge of more than 15% in Bitcoin symbolized its most considerable daily price increase since February 2021, when it surged by almost 20%.
Apart from Bitcoin, other altcoins have witnessed notable gains, resulting in higher liquidations.
According to the data by Coinglass, over 64,000 traders were liquidated in the last 24 hours, and the market saw high liquidations. At the time of writing, the total liquidations are of $313.68 million. The most significant liquidation involved Bitcoin of around $148 million.
ALSO READ: Despite The War And Sanctions, Bitcoin Has Surpassed The Russian Ruble
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
