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Cryptocurrency is highly volatile and several factors affect the price of these coins. It is not like fiat currency that does not get affected by outside factors. Social media, political issues, international issues, and many factors are responsible for the price fluctuation. Not just Crypto, but also Oil and Gold will be affected by such factors. Recently, the war between Russia and Ukraine has affected cryptocurrency very badly. The prices came very down in just no time. But recently, they started changing to green and that is a positive sign for the crypto investors. If you are looking for a fast platform that can improve your trading skills such as Quantum AI keep reading the article below.
On 24th February, Russia declared full war on Ukraine territories, Neither the commodities nor the markets were able to perform well during this period. Ukraine says that this war was an undeclared intrusion into their country. But Russian President Vladamir Putin has a different view about it. He says that it is just a special operation and their intention was to Denazify and Demilitarize the country.
As Russia started airstrikes and missiles started landing in Ukraine, have a look at how the market, cryptocurrency, gold, and crude oil reacted to it:
Silver and Gold Prices:
The price of gold has gone up during this crisis. It has increased by 1.9 percent. That means $1943.86 per ounce. This was the highest price recorded since 2021 January. If you look at the Gold price in India, then it has increased by 2.25 percent. The price for 10 grams was Rs 51,500. Russia is popular as one of the top gold producers in the world. If anything goes against this country, then that can affect the price of Gold.
When it comes to Silver, it was the same. The price of silver also increased by 2.31 percent per ounce. It was traded at $25.10 per ounce. In India, the price was Rs 66,447 per kilogram. So, the Russian-Ukraine crisis did affect Gold and Silver prices.
The prices of Crude Oil almost hit the sky due to this crisis. The price rose by almost 5.4 percent. The price was $100 per barrel and it raise to such a huge price for the first time after 2014. The experts also predict that it can even go up to $150. Russia is the third-largest producer of oil in the world. Also, it stands in second place for the production of natural gas. To both China and the USA, Russia stands as the top supplier of energy. Even Europe also relies on Russia for the oil supply. Natural gas to Europe was supplied by Ukraine and that could have been affected as the underground pipelines may have been affected due to this war.
Just like anything else, even Sensex has seen a great fall. It got down by almost 2700 points. All the values looked just red on the board. It is also predicted that they may remain red for a few more days. But the situation started turning green. Only time can get the best solution for it. The stock market can never be predicted.
When it comes to the crypto world, there is no different reaction. It was also hit hard. The price of many cryptocurrencies started falling down. Even the top cryptocurrency Bitcoin fell by 8 percent and Ethereum fell by 10 percent. As a whole, all the cryptocurrencies fell by at least 10 percent. Dogecoin, Litecoin, and Shibu Inu also came down during the Russia and Ukraine crisis.
So, overall the prices of cryptocurrencies, crude oil, natural gas, Sensex, Silver, and Gold, everything came down. As the situation is still the same between Russia and Ukraine, it is hard for us to predict when things will get back to normal. We can never be sure about the market and the commodities. You just need to wait for the time to answer this question. They will get back to normal, but when is something hard to predict. Let us just pray that there is world peace and Russia calls off the war on Ukraine, which will not just save lives but will also make things normal across the world. This is all we can do.
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