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Russia & Ukraine Clashes: The cryptocurrency market faces tension

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Russia & Ukraine Clashes

Geopolitical tensions can affect the cryptocurrency market, once again proved, in the context of tensions between Russia and Ukraine.

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Yesterday, President Biden asked people to exit Ukraine fearing an impending attack (invasion). After receiving this news, BTC’s price has dropped significantly with a 5% decline. Ethereum and Solana followed closely, and the traditional market behaved accordingly; gold and US dollar graphs show a rise. However, both these markets were stable in the latter half.

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Due to a comparatively lower risk profile, Bitcoin’s dominance will grow, as per this week’s chart. Multiple Altcoin replacements have declared the launch of projects and programs. For example, Astar Network launched the $100 million Astar Boost Program to offer financial support to smart contract developers.

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