Russia-Ukraine: Bitcoin Price Resistance and Crypto Hacks

For the past week, the global atmosphere has been tense. With the invasion of Ukraine by Russia, the sanctions, the seemingly strange stories from Ukraine, and the crypto fundraising to help Ukrainians, there’s a lot to talk about.

One notable event was the fact that Bitcoin price plunged more than 12% to $34,459.22 on Thursday 24 — significantly below the high point of $39,122.39 that was recorded on Wednesday. In view of this, Some experts and analysts have claimed that Bitcoin is still a risky asset class and cannot be used as a hedge against market uncertainty.

Regardless, Bitcoin has shown resistance once again as it surpassed the $39k price to hit $40k with a $30 billion USD daily trading volume, as shown in the chart below;

Chart: Coinmarketcap

 

In addition, The decentralized finance (DeFi) sector has suffered over $400 million USD in loss to hacks and exploitations. Some of the few that bears mention include, Cryptocurrency Exchange, Crypto.com losing over $30 million in Bitcoin and Ethereum to a sophisticated hack. The Poly Network hack which is recognized as the biggest DeFi hack till date, a total of $611 million was stolen and many more.

This begs the question; “Who is Next?”

Senator Ihenyen, President of SIBAN and Partner at Infusion Lawyers, joins us on the Inside Blockchain Show to explore why the Russian-Ukraine Tension is affecting the Global Crypto Market, and some of the biggest Crypto/DeFi Hacks since 2021 till date.

 

ICYMI: Watch the video below

 

Read More:

Russian/Ukraine: Crypto Once Again Shows Superiority Over Fiat

Ukrainian New Bill to Allow Payment in Cryptocurrencies

Bitcoin Price Falls as Russia Invades Ukraine

 

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