Cryptocurrencies have always been in limelight for various reasons. Since its launch in 2009, there have been multiple reasons for attracting and denying crypto investments. The total volume of bitcoin investor has increased multi-fold. As of today, there is more than $2 trillion market capitalization for cryptocurrencies. While Bitcoin was the first to enter the investment market, today there are more than 3k+ cards. Bitcoin, Ethereum, Polka dot, Shiba, and Dogecoin are some popular names in the industry. In addition to cryptocurrencies, there are crypto tokens and non-fungible tokens that have taken the industry by storm. Investing in cryptocurrencies has now become a status symbol that allows for better returns on investment as well.
How are cryptocurrencies in times of war?
This particular topic has been breaking the internet in the past few days. With Russia and Ukraine engaged in a war front, there have been a lot of speculations on how cryptos will react to this. Bitcoin did face a heavy slash in prices during the first few days of the war. However, this slash was short-lived. All cryptocurrencies were soon to bounce back.
How did Bitcoin perform during the war situation?
Yes, Bitcoin did indeed plunge by 8%. A similar situation was faced with the stock market as well. This war became yet another situation where the stock market and cryptocurrency investments entwined yet again. However, in the case of cryptocurrencies, it was soon to be back on track. While Bitcoin faced a price slash, it was soon to increase by more than 14.5% in the following days.
Does this make cryptocurrencies a haven for your investments?
Indeed, Bitcoin is also known as a digital gold in the investment market. Cryptocurrencies have once again proved that these types of investments are safe and will provide long-term returns. Yet another reason for the continued interest and growing demand is the limited market supply.
Rise of crypto funding
With the ongoing war situation, many investors have also utilized their cryptos to support the war situation. There have been donations made through cryptos. If estimates are to be believed, then the Ukrainian government has been able to fundraise more than 50 million donations through cryptocurrencies alone. This funding in turn supports the current war situation and takes care of native residents.
How will cryptos survive this war situation?
Given the current situation, certain experts have concluded a possible cyber-attack on cryptocurrencies. While it is true that cryptos are built on blockchain philosophy. There is no possibility of any hacker gaining access to your crypto investments. But the case is different for a crypto exchange. These exchanges do not provide the same levels of security as promised by crypto coins and are prone to attacks.
How can you protect your current investments?
With the increasing demand for cryptocurrencies in the global market, there has also been an increase in the number of cyber-attacks on these currencies. Going by recent studies more than 10 billion cryptos have been stolen and investors have not been able to retrieve the same as well.
Additionally, hackers and scammers are also taking the current war situation to their advantage. The most recent example in this category can be the new token in the name of a peaceful world. The scammers were successful in letting investors believe that this token is a fundraising campaign to support Ukraine’s situation.
This is one of the primary reasons for you to invest your time to read the emails hitting your account. As an investor, you need to be extra careful while making any donations in the current situation. If you are willing to donate and wish to secure your existing cryptocurrencies then you can easily do so by making it official. Log in to the official page of the Ukraine government to make your investments.
How will crypto grow in the coming days?
Cryptocurrencies did indeed face a price slash in the initial days. This plunge in price was felt in the global market. The prices will continue to fall due to sudden reactions by investors reacting to the war situation. However, the current situation shall improve in the coming days with cryptocurrencies gaining momentum again.