Russia's Invasion of Ukraine Looms Closer, Cryptocurrencies Plummet Again

The escalating geopolitical situation on the border between Russia and Ukraine has prompted investors to withdraw from assets deemed risky.

Concerns over a Russian invasion of Ukraine caused global stock prices to plummet on Tuesday, February 22, 2022. This situation also affected the cryptocurrency market, resulting in a 6.94% correction in the last 24 hours.

According to Coinbase, the biggest drop in large-cap cryptocurrencies today was led by Cardano. The cryptocurrency, with the trading code (ADA), plummeted 13.98% to Rp11,920 per coin on Tuesday, February 22, 2022, until 12:57 WIB.

Following Cardano was Avalanche (AVAX), which also corrected by 13.83% to Rp997,320 per coin. Next, Polygon (MATIC) fell 12.46% to Rp19,950 per coin, XRP (XRP) dropped 12.35% to Rp9,990 per coin, and Shiba Inu (SHIBA) decreased by 12.04% to Rp0.344 per coin.

The next largest drop among large-cap cryptocurrencies was Solana (SOL), reaching 11.61% to Rp1.19 million per coin.

This was followed by Dogecoin (DOGE), which corrected by 9.12% to Rp1,820 per coin, Polkadot (DOT) falling 7.94% to Rp230,810 per coin, Ethereum (ETH) dropping 7.48% to Rp36.28 million per coin, and Bitcoin (BTC) decreasing by 5.56% to Rp531.1 million per coin.