The war in Ukraine and the crippling sanctions (on Russia) that followed have virtually affected all economic indices. The war has brought strains to the world’s economy, from higher inflation due to the increasing price of gas and other commodities like wheat to plunging stocks prices. But how has the cryptocurrency world responded to the war? Are your coins and NFTs investment plunging or are they insular to the effects of the war? We look at how the top 10 Cryptocurrencies are faring presently compared to three weeks ago before the start of the war. The Cryptocurrency Market The cryptocurrency market has been in its usual volatile swing since the beginning of the year. The market was worth $2.3 trillion. Currently, the market is worth $2.1 trillion, down by 18% (as of the time of writing this article.) On the contrary, since the start of the Ukraine-Russia war, the market has been on a steady growth after taking a plunge on the day of the war. At the beginning of the war, the crypto market was worth $1.5 trillion, plunging from $1.7trillion the day before. This initial deep showed at first, like every other market indices, that the crypto market wasn’t insular to the war. Fast forward more than a month later, the market has picked up by almost 40% despite the raging war. This resistance by the market shows the level of acceptance of cryptocurrencies. It is playing a huge role in the war as millions of dollars have been dona...
