Crypto Market Down as Russia Bombs Europe’s Largest Nuclear Power Plant

Multiple cryptocurrencies, including top coins Bitcoin and Ethereum, saw a price decline this week following Russia’s bombing of the largest nuclear power plant in Europe.

Russian forces blasted the Zaporizhzhia plant, Europe’s largest nuclear power station, which ignited fire as they blitzed a Ukrainian critical energy source. The Zaporizhzhia plant provides more than a fifth of the total electricity in Ukraine.

Recent updates indicate that the fighting around the city has been extinguished.

The attack, however, severely affected the crypto market again, raising fear, uncertainty, and doubt (FUD) to investors. According to data from CoinMarketCap, the total crypto market capitalization has lost 4.25% over the last day.

Furthermore, the overall crypto market volume over the past 24 hours plummeted by approximately 8% and is now priced at $85.00 billion. The dominance of the market’s top token, Bitcoin, dipped to 0.19% over the day.

As of writing, Bitcoin is among the nine cryptocurrencies in the top 10 that saw price declines in the last 24 hours, along with Ethereum (6.41%), Tether (0.01%), BNB (3.09%), USDC (0.04%), XRP (3.71%), Cardano (4.68%), Solana (6.83%), and Avalanche (5.98%).

The biggest cryptos in the market, Bitcoin and Ethereum, earlier saw an upward trend. But as tensions in Ukraine continue to escalate, they are expected to continue with their volatile price movements. 

Meanwhile, the United States Federal Reserve has confirmed that the central bank is pushing to raise interest rates this month to combat inflation – despite the ongoing conflict. The crypto market is expected to see lower engagements from investors, which would cause more price declines.