Cryptocurrencies continue to fall amid conflict between Russia and Ukraine

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Cryptocurrencies continue to fall amid conflict between Russia and Ukraine
28 Feb 2022
6 min read

News Synopsis

The war going on between Russia and its neighbor Ukraine has been severely affecting the world economy. The western allies have imposed strict economic sanctions on Russia and have restricted its banks and financial institutions to operate outside the country. Russia on the other hand doesn’t seem to be affected by the actions of its rivals and is determined to occupy Ukraine. Recently, Vladimir Putin has ordered its officials to keep its nuclear arsenal on high alert. This eventually affected the crypto market. Crypto investors are engaging in mass sell-off of their holdings due to the current prevalent panic in the market. The prices of different cryptocurrencies came falling down on Monday as well. Bitcoin fell by 2% and Ethereum fell by nearly 4%. The total market capitalization declined by 2% to $1.71 trillion. WazirX Trade Desk said: "Economists are anticipating that these sanctions are likely to be dodged with the help of cryptocurrencies. This could bring cryptocurrency into the spotlight at the global stage yet again and we could witness high market volatility." Amid this chaos, the Supreme Court Of India has asked the Central Government to clearly state whether trading in cryptocurrency is legal in India or not after a case came in front of it involving a crypto scam. To this, the Finance Secretary replied that cryptocurrency is not legal in India and will never be a legal tender.

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