(TheLibertyRevolution.com)- In one day’s time, a whopping $130 billion disappeared from the cryptocurrency markets.
Multiple digital coins, including Bitcoin, tumbled to their lowest mark in multiple months. It followed similar fears that investors have about a potential upcoming invasion of Ukraine by neighboring Russia.
Over the weekend, Bitcoin dropped to just under $33,000, which was the lowest point it had reached since back in July. It recovered slightly on Monday, though, going up 5% to $37,009.16.
Other coins that experienced a big drop-off included Ether, which also reached its lowest point since July, when it hit $2,176.41.
Since the start of the new year, the stock market has been on a steady decline. Last week was the worst week for the market as a whole since back in March of 2020 — the first month of the COVID-19 pandemic in the United States.
Among some of the reasons for the drop are concerns that investors have regarding federal policies and interest rates. That has resulted in many investors selling of risk assets, which includes stocks of technology companies.
Multiple media outlets have explained some of the reasons for this, as well as the reaction from investors. CNBC recently wrote:
“Heading into 2022, the story for tech stocks was outward rotation. Inflationary pressure was leading the Federal Reserve to signal that interest rate hikes were coming. Shares of cloud-computing companies and other high-multiple stocks that outperformed the market in recent years were plunging as the work-from-home theme fell apart.”
But, it’s not just all internal tensions that are causing the dip in the market. The Wall Street Journal reported:
“The market has also been spooked by mounting tensions between the West and Russia over the military buildup on the border with Ukraine.”
While the Biden administration has been saying for a little while now that it wouldn’t send military troops to support Ukraine, the Pentagon announced this week that it had notified 8,500 troops to be on high alert.
Leaders from other countries are worried about the wide impact of a potential Russian invasion of Ukraine. Some of the members of NATO, including Bulgaria, the Netherlands, Spain and Denmark, have all sent warships and fighter jets to the region to help bolster defenses there.
Boris Johnson, the prime minister of the United Kingdom, said if Russia were to invade Ukraine, it would be “disastrous.” He characterized military action there as “their new Chechnya.”
Some countries have gone as far as withdrawing staff members from their Embassies in Ukraine. As Johnson explained of Britain’s decision to do so:
“The intelligence is very clear that there are 60 Russian battle groups on the borders of Ukraine. The plan for a lightning war that could take out Kyiv is one that everybody can see. We need to make it very clear to the Kremlin, to Russia, that that would be a disastrous step.”
In the meantime, stocks in the U.S. and around the world are suffering because of these fears of pending war in the East, along with some internal fears stateside.