Cryptocurrencies were trading in the red Thursday morning as investors across the market rushed for safety after Russia staged a military attack on Ukraine.
According to data from CoinGecko, bitcoin was trading down 7.9% over the last 24 hours, while ether was trading down more than 10% over the same period. Long-tail assets saw an even steeper sell-off, with Avalanche, Shiba Inu and Cardano falling by double-digit percentage points.
“Big risk off move across the board,” noted Chris Hermida of Manna Trading.
The price action in the crypto market again illustrates the degree to which liquid tokens have tracked global stocks — similar to the way it has amid the US Federal Reserve’s plan to hike interest rates. The news out of Ukraine is expected to add further pressure to a global economy gripped by mounting inflation and supply chain headaches. The Dow Jones Industrial Average was trading down more than 2.23% at the time of writing.
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