Markets React to War in Europe

Global financial markets continue to reel as Russian forces launch an official military assault on the Ukraine.

The initial invasion began around 3 AM GMT (10 PM EST), where many Ukrainians would awake to the sounds of war in off in the distance.

As part of the greater reaction from financial markets, Bitcoin has fallen about 22.34% in the past 7 days from a high of $44,195 on 2/17 to a low of $34,322 on 2/24.

Taking a closer look we see on the 1HR chart that $BTC fell about 4.56% in the 2 hours following the Russian invasion, but quickly retraced to it’s opening price of about $35,900 in the following hours.

Cryptocurrency markets were not alone in this decline as several equities and funds suffered losses due to fears of war and other macro economic factors such as increasing interest rates. The S&P 500 has endured a significant selloff during the past week, falling about 7.66% from 2/17 to 2/24, and opening significantly lower on the first day after the invasion.

Crude oil futures have been notably seen to perform well during the current state of macroeconomics (war, inflation, rising interest rates) where the price of a barrel of oil has surpassed $100 per barrel, highs not seen since 2014. In the past 24 hours oil is up about 8.67%.