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24 Feb 2022
1 min read

Bitcoin Drops 12% As Russian Ruble Slides Against USD

An escalation of the crisis in Eastern Europe on Wednesday night led to the Russian ruble’s crash to an all-time low against the US Dollar early Thursday morning. As events continue to move in the direction of a full-scale war in Ukraine, the leading crypto also took a hit.

BTC/USD Shocked By The News

Both traditional markets and BTC/USD took a hit as investors reacted to the news of a “special military operation” in Ukraine. As western powers commit to more severe sanctions and retaliation against the Russian military move, the financial markets begin feeling the pressure.

While some expected bitcoin to behave like a safe haven in these times of high risk, instead, the cryptocurrency wavered with uncertainty and declined more than 12% from its weekly high.

Elsewhere, Asian markets and stocks have begun reeling at the geopolitical events as well, Hong Kong’s Hang Seng index slipped 3.5% and the Nikkei reached a 15-month slump.

The Russia-Ukraine conflict could eventually impact the EU on a wider scale.

Russia’s Ruble Plummets

The Russian central bank assured it would intervene to support the currency after the ruble crashed in light of the crisis. In addition to this, MOEX Group, the company behind the Moscow Stock Exchange halted trading. The Russian currency’s drop against the US Dollar was especially felt in the consumer exchange rate, in some instances reaching 115 rubles per dollar on the open market. Expectations are that the ruble will plummet further amid this volatile situation.

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*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

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