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Bitcoin (BTC), Ethereum (ETH), and major cryptos took a beating on Thursday after Russia started its military assault on Ukraine. Surprisingly, the crypto market rebounded the following day after Russia indicated its willingness to negotiate with Ukraine.
Russia’s military operation against its neighbor wiped out around $150 billion from the crypto market on November 24, according to CNBC. Bitcoin, the world’s largest cryptocurrency by market cap, fell to as low as $34,338.57 that day.
However, the crypto market managed to rebound the following day and recoup losses. BTC rose by around 11 percent and traded at $39,065.00 at one point on Friday. Despite the ongoing conflict, Bitcoin managed to stabilize its price and traded at $39,331.68 at the time of writing.
Ether, the second-largest crypto by market cap and the native crypto of the Ethereum blockchain, also suffered similar price swings. ETH fell to as low as $2,323.48 on Thursday based on Coinmarketcap data.
Just like BTC, Ether managed to recover the following day. On Friday, the crypto traded as high as $2,725.22. ETH continued to rise since then and traded at $2,807.01 at the time of writing on Sunday, February 27.
The crypto market’s rebound came after reports surfaced on Friday suggesting that Russia might now be open to starting negotiations with Ukraine, “Kremlin spokesperson Dmitry Peskov said Russian President Vladimir Putin is ready to send a delegation to hold talks with Ukrainian representatives,” Forbes reported.
Russia made its offer as a response to Ukrainian President Volodymyr Zelenskyy’s offer for Ukraine to have a non-aligned status with NATO. Russia previously demanded that the alliance must not accept Ukraine as its member.
Genesis head of market insights Noelle Acheson said that the crypto market’s bounce shows that longer-term investors “have been waiting in the wings to buy the dip.” She added that risk traders are now betting things “won’t be as bad as they looked at first light.”
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