Crypto Markets Tumble as Putin Orders Troops Into East Ukraine

The cryptocurrency market continued its decline into Tuesday as Putin ordered "peacekeeping" troops into two pro-Moscow regions of eastern Ukraine. Months of warnings and threats of sanctions have failed to deter Russian forces from entering eastern Ukraine, a move many officials fear is the first step for a full-scale invasion.

Mounting pressures from Russian/Ukraine tensions, high inflation rates, and the ongoing Covid battle has put negative strain on the economic outlook.

Cryptocurrency Market

These unstable economic times sent Bitcoin down more than -6% in a 24hr time period, rejecting Bitcoin's February recovery as it erased -18% within a 7day period. Bitcoin is hovering around CA$47K, less than -10% from a 30day low of $42K. Ethereum dropped down to $3.2K, down -8.8% in 24hrs and -18.75% in 7days. Major blockchain's such as Solana, Avalanche, Cardano, and Cosmos are all seeing double digit drops within the last 24hrs.

Stock Market

Stock markets were closed Monday due to Family Day in Canada and Presidents Day in the U.S but it won't save them from the wave of negative news as they open Tuesday morning. Stock futures are already pointing lower with Dow Jones down 500 points and NASDAQ down 340 points, or -1.5% and -2.4% respectively.

What's Next?

Many speculate that Bitcoin will test the 30day low of $42K and we may see the broader cryptocurrency market drop below the $2 trillion dollar mark again. The cryptocurrency market has been on a decline for more than 3 months and the current economic and political environment continues to put negative pressure on it's recovery. Uncertain times can be beneficial to the investor as volatility creates favourable buying opportunities for the long-term trader. Expect more volatility as February comes to a close.