The cryptocurrency market remains highly unstable after Russian President Vladimir Putin declared military operation in Ukraine but it has however shown signs of a possible recovery in the last 24hours.
At the time of writing, the global crypto market cap is standing at $1.73 trillion with a 9.46% increase over the last 24 hours. The total volume in DeFi is currently at $20.43 billion which is 14.75% of the total crypto market 24-hour volume. The volume of all stable coins is now $117.69 billion, which is 84.97% of the total crypto market 24-hour volume.
The Current Market Scenario
Bitcoin (BTC) had witnessed a sharp decline and hit the $35,000 mark following Russia’s invasion of Ukraine. However, according to date from CoinMarketCap, reveals that the most popular cryptocurrency has surged by over 10 per cent in the last 24 hours and is inching closer to the $39,000 mark. At print time, Bitcoin (BTC) is hovering around $38,771.
During this period, Ethereum (ETH) has also grown by more than 9.39 per cent with its value rising over $2,600, and Solana (SOL) has surged by over 15 per cent to stand at $89.08. Cardano (ADA) is up by 6.43 percent to $0.85, Avalanche (AVAX) rose by almost 12 per cent to $75.25. Polkadot (DOT) shot up by 11 per cent to stand at $75. Memecoins – Dogecoin (DOGE) and its spinoff Shiba Inu (SHIB) also regained their respective losses after a steep decline yesterday by over 6 percent to stand at $0.123 and $0.0024.
Over the last week, the cryptocurrency market faced a heavy blow amidst the tensions between Russia and Ukraine reaching at an all time high wiping almost $200 billion from the combined $1.9 trillion crypto market. Crypto prices had spiraled down since reaching record highs in early November, 2021. The recent price drop in the cryptocurrency market had got some investors and analysts worried that a so-called “crypto winter,” or an extended period of bearishness, could be imminent.
Crypto Can Be Used To Evade Sanctions
Despite faltering, several cryptocurrencies are now demonstrating signs of recovery. One of the reasons that can be attributed to the recovery maybe because Russian billionaires could potentially circumvent any U.S. sanctions by using crypto to buy goods and services and continue to make investments outside countries experiencing harsher economic impacts due to the invasion. For example, individuals in Iran were able to solicit crypto donations for flood victims in 2019 while under U.S. sanctions and Venezuela President Nicolás Maduro proposed a bill in 2020 aiming to use crypto to evade different sanctions imposed on the country.