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Fear of nuclear disaster in Europe sheds the crypto market

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Crypto market has witnessed several significant scenarios in which the prices of the digital assets have either spiked or lost momentum. Although the prices were booming over the past year, since the beginning of this year, the entire ecosystem has faced some critical losses. The conflict between Russia and Ukraine is one of the latest events that caused the market prices to plunge. And now the fighting around the Zaporizhzhia plant is activating speculations as the prices remain volatile amid the concerns of the Nuclear disaster in Europe subside.

Ukraine would face nuclear attack

Recently Ukraine is waking up to the news that there has been an incident involving nuclear materials in the nation. Notably, Zaporizhzhya is one of the entire Europe’s biggest nuclear power plants.

The power plant is shelled by the Russian forces with reports surfacing around 1 am GMT.

The footage of the blaze was captured through a Livestream and showed fires breaking outside the main facility of the plant. According to the footage, what appears to display is looking something like flares that are being launched towards the plant. Indeed, there are possibilities that the flares would cause a fire rather than being a direct result of the shelling.

Crypto market faces uneasy movements

Following the on-going war between Russia and Ukraine, every asset in the traditional and digital market tumbled as the news broke amid fears of a disaster. Indeed, if the Ukrainian nuclear power plant is hit, it would be a bigger disaster than what we witnessed after the Chernobyl incident.

Notably, all the indices including S&P, DOW, and NASDAQ Futures declined by more than 2% in the minutes following the news.

Moreover, nervousness during the night increased as world leaders ordered Russia to cease its attack on the nuclear facility. Boris Johnson, the Prime Minister of the United Kingdom tweeted that Russia must immediately cease its attack on the power station and allow unfettered access for emergency services to the plant.

Bitcoin gave up its gains

As the market plunged, the price of the flagship crypto coin losses on the day. Bitcoin price fell to hit a low of $41k before recovering slightly. Notably, it is currently trading around 7% down from its local highs noted earlier this month.

Amidst the Russian force taking the plant under their control, the fears whether Ukraine would attempt to regain control pushed the prices even more. 

Due to these instability, the coin designed by Satoshi Nakamoto gave up its gains from this morning dropping to near $40,800 before recovering back over $41,500 within minutes.

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