Russia’s financial isolation and the cryptocurrency donations pouring into Ukraine have intensified the spotlight on governments’ crypto initiatives and the potential role of digital assets; bitcoin and ether fall. amitoj and JPRubin23 report
At the time of publication, bitcoin was trading at about $42,500, down more than 3% over the previous 24 hours. Ether, the second-largest cryptocurrency by market capitalization, was changing hands at about $3,800, down roughly 4% over the same period. Most other cryptos in the CoinDesk top 20 by market cap were in the red.
Russian forces captured Kherson, a port city of about $300,000 in the southern part of Ukraine and ship-building hub, and continued to grab huge swathes of the region with its access to the Black Sea. Rocket fire and cluster bombs barraged Ukraine's largest cities and more than one million people fled the now war-torn country, including foreign students and workers from Asia.
Meanwhile, the Biden Administration requested $10 billion in humanitarian and defense aid and imposed new sanctions on Russia as crypto and other donations poured into the country. The attack on a sovereign country has brightened the spotlight on crypto's potential as a way to conduct transactions outside traditional financial services networks.
Earlier this week, investors viewed this development optimistically. But momentum has faded as investors shied away from riskier assets over the past two days. "Bitcoin’s rally is starting to show signs of exhaustion," wrote OANDA Americas Senior Market Analyst Edward Moya in an email."Bitcoin needs risk appetite to be healthy for prices to make a run above the $50,000 level, so it should come as no surprise if prices consolidate around the $40,000 level."
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