Crypto market update: BTC tanks, oil tops $100 as Russia invades Ukraine

By Raffaele Redi

Only commodities escape the bloodbath

Beeple War NFT                                 
Beeple was of the first major crypto player to react to the invasion with Vitalik Buterin: “ETH is neutral I am not.” Photo: Beeple Twitter

Investors have chosen traditional commodities as refuge assets after the Russian invasion of Ukraine.

As Russian President Vladimir Putin declared war and launched the invasion, the cryptocurrency market – following in the footsteps of European traditional stocks – started sinking, while oil, gas and other commodity prices soared.

From Milan and Paris to Frankfurt and London, stockmarkets are collapsing – with the German DAX30 index trading 5.09% lower and the French CAC40 falling 4.90% – with the sell-off hitting government bond markets as well.

Only traditional commodities escaped the bloodbath. According to, Brent is currently trading at $105 per barrel, higher by 7.7% in the last 24 hours, while West Texas (WTI) crude is up by 7.75% at $99.16.

In Moscow, the situation is even worst. The MOEX Russia was suspended after a more than 26% fall. Russian 10-year sovereign bonds yields skyrocketed to 10.88% after a sell-off of Russian debt, while the rouble depreciated to an all-time low of RUB80 to the US dollar as news broke, before recovering slightly to the RUB84 mark.

BTC sinking, crypto market sees $185bn wiped off values

According to, BTC, the largest cryptocurrency by market capitalisation, is trading 8.6% lower over the past 24 hours at $35,361 – and 18% lower over the past seven days.

BTC’s market cap was around $664.4bn, representing around 41.8% of the crypto market capitalisation, while the leading crypto’s trading volume was around 55% higher at $37.4bn in the past 24 hours.

The total crypto market capitalisation fell by around $185bn from $1.76trn to $1.56trn in the past 24 hours, a 10.7% fall.

Ether plummeting

In line with major cryptos, Ether (ETH) was trading 12.1% lower at $2.381.82, with a market capitalisation of $280.3bn, down 12.1%. The cryptocurrency’s trading volume was around 45% higher at $21.9bn in the past 24 hours.

Meanwhile, binance coin (BNB), now the fourth-largest cryptocurrency by market capitalisation after the USD backed stablecoin Tether ($79.5bn), was trading 11.6% lower at $336.02, with a market cap of $55.5bn and a trading volume of $2.4bn – 32% higher in the past 24 hours.

Solana (SOL), one of the main Ether competitors in powering NFTs and the metaverse, was trading 9.8% lower at $81.13, with a market cap of $25.6bn and a trading volume of $3.98bn, 103% higher in the last 24 hours. Finally, Cardano (ADA) was trading 17.2% lower at $0.76.

Winners and losers

Elsewhere, all the cryptos bar stablecoins were trading on the red side of the price chart, with Convex Finance (CVX), Kadena (KDA) and Oasis Network (ROSE) falling by more than 20%.

All cryptocurrency prices are correct as of 11:55 GMT.

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