- Russia has recognized two separatist regions in Ukraine as independent nations
- Increased geopolitical uncertainty has continued to push markets down
Russia sent troops that will perform “peacekeeping functions” into two Russian-backed Ukrainian territories.
This move has heightened fears that a broader Russian invasion of Ukraine is imminent. The US and a number of other nations have imposed heavy sanctions on Russia in an effort to deter further advancements.
In addition to sanctions, Biden said the US would continue providing assistance to Ukraine and NATO.
“The US will continue to provide defensive assistance to Ukraine in the meantime and will continue to reinforce and reassure our NATO allies,” Biden said. “Today, in response to Russia’s admission that it will not withdraw its forces from Belarus, I have authorized additional movements of US forces and equipment already stationed in Europe to strengthen our Baltic allies.”
Added Biden: “Let me be clear, these are totally defensive on our part. We have no intention of fighting Russia.”
Rising geopolitical turmoil between Russia, Ukraine and NATO have not been kind to markets. The S&P 500 ended the day down over 1%. The Nasdaq and Dow, fell too, dropping by just under 1% and 1.42%, respectively.
Bitcoin, ether and other cryptos ended the day down as well. Bitcoin dropped by over 0.70% by the end of equity markets while ether saw a drop of 1.70%. Some altcoins, like XRP, took big hits and dropped by nearly 7%.
Top stories
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- The index comprises 13 cryptoassets, with bitcoin and ether making up a combined 53%
- Separately managed accounts are the best way to get diversified crypto exposure in the US, WisdomTree CIO says
Story: South Korea’s Top Bank To Launch Crypto ETFs
- South Korea’s largest bank wants to explore and launch crypto ETFs “as quickly as possible”
- The bank said it was preparing for the preemptive launch of related products through domestic and overseas digital asset market research
Story: Crypto Trading Platform Amber Group Eclipses $3B Valuation With Latest Raise
- Amber Group has raised a total of $328 million to date
- The firm has over $5 billion in assets under management
Story: CoinShares Latest To Benefit From Booming Interest in European Crypto Products
- The company defended its fees, saying they’ll remain unchanged, as assets and revenues ballooned
- “Everyone is doing an ETP today — everyone wants to do one,” a CoinShares executive said
Going forward
The situation in Ukraine will continue to play a huge role in daily markets moves. Adding to market uncertainty are the coming inflation reports due Friday and the crypto executive order that is rumored to come out sometime this week. Investors should prepare for heavy volatility through the short to mid-term.
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Luke ConwayEditor, Evergreen Content
As Editor of Evergreen Content at Blockworks, Luke Conway oversees the creation of comprehensive educational guides on all things crypto to help users navigate the space. Before Blockworks he worked as an associate editor for Investopedia, managing broker reviews and a cryptocurrency news desk.
