Thus, after several hours, the price of Bitcoin fell by about 8%, and in the case of Etherum it was 10%. A single bitcoin costs just over 35,000. In US dollars, while twelve hours ago or so it was 40,000. American dollar. There hasn’t been any major cryptocurrency that hasn’t been affected. Coinmarketcap (a well-known analytical company that tracks this market) estimates that as a result of the conflict, all cryptocurrencies lost a total value of at least $160 billion.

Given the high level of investment risk that we face in the case of cryptocurrencies, it is not surprising that any conflict similar to what we observe would not cause similar disruptions. This may be just the beginning of this market crash.

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It is worth noting that Russia ranks third in the list of the largest cryptocurrency mining countries, second only to the USA and Kazakhstan. This latter country is a real force in this field. Suffice it to say that not so long ago, as a result of riots caused by rising fuel and electricity prices, the government of Kazakhstan blocked access to the Internet, which immediately had a significant impact on cryptocurrency prices.

If the European Union and the United States impose announced economic sanctions on Russia – and that seems inevitable – the cryptocurrency market will be hit hard and become even more unpredictable, and pessimists even say it could be in uncontrollable chaos.