Following a severe drop when Russia’s invasion of Ukraine began, the cryptocurrency market has risen alongside the stock market, albeit in a better form, in the previous 24 hours.
Over the last 24 hours, global financial markets and crypto markets have been battered as Russian armies invaded Ukraine, sending investors fleeing and causing sell-offs across most asset classes.
However, by Friday morning, the market had calmed and recovered, and Terra (LUNA) stood out among its contemporaries as the coin lost the least amount when the invasion destabilized the markets, adding an incredible 30% from Thursday morning to Friday morning.
In less than 24 hours after the war tensions escalated, Bitcoin plunged from over $39,000 to below $34,500, but has subsequently returned to roughly its prior day high. This is similar for Ethereum, Binance Coin, Solana, Cardano, Polkadot, and a handful of other cryptocurrencies, all of which have experienced double-digit price decreases.
As a result of the market crash, about $160k traders were liquidated across the cryptosphere in just 24 hours, increasing the total amount liquidated to over $500 million.
LUNA’s current price is $64.66 as of this writing, and it is the only major cryptocurrency that has entirely recovered from the price decreases caused by the war tensions.
However, with Russian armed forces continuing to attack Ukraine’s military infrastructure and border guard units and a possible intervention of the North Atlantic Treaty Organization (NATO), it is unclear which direction the market will take next. The tragedy is still a major source of concern for the market.