So if you’ve been active on social media or reading the news recently, you’d know the biggest trending topic globally – Ukraine ??.
Everyone’s been giving their hot takes about the conflict and who they believe is at fault. But, regardless of whose side you’re on, we all feel the same thing – war isn’t good, and the people of Ukraine are feeling the worst of it right now ?.
Know what else is feeling the heat? The markets. Everywhere you look right now, markets are shaky ?. And the crypto market hasn’t been left out.
What’s Happened So Far?
First off, you should know that the Ukraine conflict has been growing for a long time. Here’s the full summary of the crisis. But, things became really tense on Wednesday when Russian forces moved into Ukraine. Here are a few highlights:
- In less than 24 hours after the conflict began, the total crypto market dropped by as much as 10% ?.
- All the major coins dropped as well. Bitcoin fell to $32,000, and Ethereum dropped to $2,300 ?.
- The good news is that the market has rebounded pretty well. Coins are back up to the levels they were at the start of the week, and we can all breathe again ??.
Why Are Prices Dropping?
At first glance, you might be confused about why the market is dropping right now. After all, a conflict in Ukraine shouldn’t really affect coins and their prices since everyone else is trading.
But, it’s not so simple. There’s a lot to unpack here, but just remember these points:
- Conflicts always affect major markets like stocks, crypto, and even oil ?. It happens because people become unsure of what’s going to happen and this turns into fear.
- In times of fear, investors prefer to protect themselves by selling their crypto ?♀️. It’s completely understandable. So, they move their money into safer and more stable forms ?️.
So in general, investors are scared right now, and the market is just feeling it.
Okay. So What Do I Do?
As a crypto investor, the first thing you should remember is that the conflict is still going on. This means that a lot of other investors will remain scared and might move their money.
No one knows how long this conflict will be, but it will eventually end. But even if that takes a long time, the market will adjust and go on as usual. Remember how the markets reacted negatively at the beginning of Covid-19 global lockdowns but recovered later and performed well.
In the meantime, you want to also protect yourself while you wait for things to get back. Here are a few things to remember:
- Market downturns are actually the best time to invest. People tend to buy the dip and just kick back ?♂️.
- When investing, focus on coins that have specific use cases. So, coins like Bitcoin, Ethereum, Chainlink are usually attractive right now ?. You can buy any of these easily on Quidax.
- You can also keep your money in a dollar-backed stablecoin like USDT. This way, your money stays stable ?.
- Setting price alerts on your Quidax app will help you keep an eye on the market.
What’s the Way Forward?
Whether you choose to hold your crypto, buy more crypto at low prices or sell crypto, we’ve got you covered. You can use our instant swap feature to buy or sell crypto in seconds. You can also download the quidax app and use our price alert feature to monitor crypto prices. It’s like an alarm clock for crypto prices. On the quidax app, just go to Profile > Price alerts to get started
We’ll All Get Through This
First off, all of our prayers and love for Ukraine ?. They’re the ones who will feel the impact of this conflict the most, and we really hope things get better soon.
If you’re a crypto investor, we understand how challenging it might be to make your way around the market right now. Remember that this will eventually pass. The market is simply reacting to the conflict right now, and we’ll soon be back to those days of seeing green!
Love and light, everyone! ?
