Crypto Market Sheds Nearly $100 Billion Overnight – Decrypt

The total market capitalization of the crypto industry has fallen by almost 4% amid the ongoing Russian invasion of Ukraine.

Bitcoin it also fell almost 4% in the last 24 hours, going from about $44,000 yesterday to $41,100 this morning. Since then, the leading cryptocurrency has recovered somewhat and is currently trading at over $41,600, according to data pulled from CoinGecko.

Ethereal is down more than 5% after nearly crossing the psychologically important $3,000 mark on Thursday afternoon. Since then, the smart contracts the platform has consistently shed points overnight and this morning. It is now trading at $2,740.

These losses come after both assets recovered from even bigger losses in late February. Bitcoin crashed to just over $34,000 and Ethereum fell to $2,300 on February 24.

Other cryptocurrencies are not doing much better. Of the ten largest cryptocurrencies, Solarium it is the biggest loser in the market, with its native token, SOL, down almost 6.8% on the day and is now trading at just over $92.

Elsewhere, Moles and avalanche, two popular "Ethereum killers", have also been seen bearish. Both cryptocurrencies are down roughly 3.5% over the past day.

Popular crypto-adjacent stocks like Coinbase, PayPal, and Block also don't provide much shelter for investors. Coinbase (COIN) is down over 8%, Block (SQ) is down 8%, and PayPal (PYPL) is down almost 5%.

Crypto Market Reacts to Russian Invasion

The Russian invasion of Ukraine has wreaked havoc on the crypto market.

In addition to bearish price action, the events have also prompted calls for crypto exchanges to plug holes in the broad set of financial sanctions against Russia.

Former presidential candidate Hillary Clinton, for example, said that she was “disappointed” that crypto exchanges were not doing more against her Russian users.

“I was disappointed to see some of the so-called cryptocurrency exchanges, not all of them, but some, refusing to finalize transactions with Russia,” Clinton said during a recent interview on The Rachel Maddow Show in MSNBC.

In the midst of these calls, base of coins, Binanceand kraken they have decided do not ban Russian users a lotclaiming that there is no legal basis to do so.

Binance, however, reportedly banned individual citizens from using the platform. In an interview with the BBC on the subject, Changpeng Zhao, CEO of Binance, saidHowever, he did not know how many accounts on the platform had been banned.