Bitcoin, Ethereum, and other popular forms of cryptocurrency have devalued over $200 billion as the Russo-Ukrainian crisis worsens.

Bitcoin price levels have dropped over 10% in 24 hours, crashing to over $40,000. Ethereum, XRP, Solana, BNB and Cardano have experienced similar declines.

Some cryptocurrency investors, such as Mr. Uchenna, a SAPIS counselor at WJPS, worry that the current conflict may pose risks to their investments. Uchenna said, “I invested a lot of time and money into cryptocurrency. Watching it tank due to the war frightens me and a lot of other investors.”

This price crash is most directly related to a stock market dip sparked by President Biden’s comments about the Russian invasion of Ukraine.

Self-proclaimed ‘Bitcoin Enthusiast’ Matteus Shmelke, a senior at WJPS, said, “Eventually, the crypto market will stabilize, and I don’t believe this is something to worry about for the future.”

Currently, crypto investors are helping with war efforts by sending more than $50 million in Bitcoin donations to support Ukraine’s defense against Russia. However, the United States Treasury has released a statement advising against this, as Russia may use cryptocurrency to evade sanctions or carry out cyberattacks on popular crypto companies.
“Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo” by antanacoins is marked with CC BY-SA 2.0.