The market capitalization of all cryptocurrencies slid to as low as $1.5 trillion, losing almost 9% in 24 hours, as Russia launched aagainst Ukraine. The prospect of damage to the global economy also weighted on broader financial markets, with the Stoxx 600 Europe index falling more than 3%, micro Nasdaq 100 futures down 2.3% and Russia's MOEX equity index dropping a record 28%.
“The aggravation of tension around Ukraine exerted pressure on risky assets,” said Alex Kuptsikevich, a financial analyst at FxPro, in an email to CoinDesk. “There are growing risks of escalation associated with the introduction of Russian troops into Donbass. In such a situation, risky assets may continue to decline further.”Sentiment gauges for the crypto market reached fear levels.