The cryptocurrency market, in line with global equity markets, witnessed steep falls on Thursday. The mushrooming tensions between Russia and Ukraine have dampened the sentiments once again.
The largest cryptocurrency and other altcoins declined into the red territory after Russian president Vladimir Putin ordered a military operation in eastern Ukraine. Putin made the announcement in a televised speech at the same time as the UN Security Council was urging him to give peace a chance.
Barring Terra all of the top digital tokens were trading lower. Avalanche plunged more than 7 per cent, whereas Bitcoin, Ethereum, Cardano, and Dogecoin tumbled between 4 and 5 per cent.
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The global cryptocurrency market cap today was at $1.71 Trillion, a 5 per cent drop in the last 24 hours. (ET)
