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Global Stock Market Plummets in Wake of Russian Attacks on Ukraine

UTC by Benjamin Godfrey · 3 min read
Global Stock Market Plummets in Wake of Russian Attacks on Ukraine
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World leaders are notably calculating the right responses to the ongoing attack on Ukraine. While sanctions have been announced, it has done nothing to deter Putin from proceeding with the attack which has been a major concern for the past few weeks. 

The global stock market has responded with jitters as the geopolitical tensions between Ukraine and Russia have taken a new twist as the latter has launched a series of multiple attacks on the former, officially escalating the diplomatic strain between both countries. 

The global stock market plummeted dragging key indices across various regions most of whom dropped with a massive thumb. The pan-European index featuring 600 constituents across 17 exchanges, the STOXX Europe 600 (INDEXSTOXX: SXXP) continued on its downward path and slumped by 3.56% to 437.71. The German DAX Performance-Index (INDEXDB: DAX) dropped 4.42% to 13,984.13 while the FTSE 100 Index (INDEXFTSE: UKX) slipped 2.95% to 7,277.09.

Away from Europe, the Shanghai SSEComposite Index (SHA: 000001) also printed a red trend as it dropped 1.70% to 3,429.96. The encompassing bearish slump also extended into Japan as the Nikkei 225 Index (INDEXNIKKEI: NI225) fell 1.81% to 25,970.82.

The escalation in the tensions between Ukraine and Russia has plunged both countries into war as attacks and explosions were reportedly heard in such regions including the capital Kyiv, Odessa, Kharkiv, and Mariupol. Per a CNBC report, Ukraine’s minister of foreign affairs said in a statement that a “full-scale invasion” of his country was underway.

The American stock market is going to open to witness this new development and may also receive its fair share of the downturn for the rest of the week. World leaders, particularly US President Joe Biden, are notably calculating the right responses to the ongoing attack on Ukraine. While sanctions have been announced, it has done nothing to deter Putin from proceeding with the attack which has been a major concern for the past few weeks. 

Global Stock Market Dragged Digital Currency Industry

The downtrend currently being seen in the global stock market is expected to continue into next week and it has apparently exerted its weight on the digital currency ecosystem as well. As investors rush off to dump all forms of tradable securities amidst the uncertainties in the markets, crypto HODLers seem to be dumping off their bags as well.

The combined cryptocurrency market cap has plummeted by a massive 9.66% to $1.57 trillion as Bitcoin (BTC) witnessed its worst trading day of this week, dropping 8.12% in the past 24 hours to $35,082.66 according to data from CoinMarketCap. Just like BTC, almost all the altcoins are currently being affected by the bearish sentiment dominating the market as Russia seeks the annihilation of Ukraine.

Ethereum (ETH) is down 12.28% to $2,357.00, Binance Coin (BNB) has lost 11.29% of its value and is changing hands at $2,357.00. The volatility in the market is in full swing as no coin in the top 100 according to CoinMarketCap’s data is trading in the green at the time of writing.

Business News, Cryptocurrency news, Indices, Market News, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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