Russian billionaires were already feeling the pinch as tensions between Ukraine grew. After Russian President Vladimir Putin decided to attack Ukraine, their net worth plummeted dramatically. They lost nearly $40 billion in less than 24 hours.

Financial analysts believe the current Ukrainian scenario to be one of Europe’s most decisive security crises afterward World War II, with the developing events threatening to exacerbate market collapses across the region, notably in Russia, because of US and UK sanctions.

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Russian Billionaires Lose Big

Several billionaires, including Gennady Timchenko, face sanctions as a result of their ties to Putin.

Bloomberg’s Billionaires Index shows that the chairman of Lukoil, Vagit Alekperov, had his fortune plummet by atop a third in a single day, from $6.2 billion to $13 billion.

This brings Alexey Mordashov’s net worth to $23 billion after he lost $4.2 billion on Thursday.

Currently Russia’s richest person, Vladimir Potanin, has lost $3 billion.

The combined fortunes of Russian billionaires Alekperov and Timchenko have plummeted by almost $10 billion this year, a loss of atop 40%.

Total crypto market cap at $1.744 trillion in the daily chart | Source: TradingView.com

Russia’s benchmark MOEX Russia Index fell 33% in Moscow, the fon the occasion thatth-worst drop in stock market history. It was the first time a drop of such size hit a market worth more than $50 billion afterward the 1987 Black Monday meltdown.

Though crypto has lengthy been touted as an asset uncorrelated with traditional financial markets, the crypto market is reacting to news of Russia’s invasion of Ukraine in lockstep with stock markets. Both Bitcoin and Ethereum are risky investments, and their rates fluctuate like stocks.

Global Financial Ramwith the condition thatications

“You’re watching markets go off abovenight and throughout the day today, and you’re watching crypto do the same thing,” Doug Boneparth, a certwith the condition thatied financial advisor and founder of Bone Fide Wealth, said.

One of the numerous values of war is the worldwide financial ramcone time beforeding thatications. Experts are particularly cone time beforerned about a strong human death toll. Ukrainian President Volodymyr Zelensky declared that more than 100 Ukrainians had been killed alone on the first day of the invasion.

Experts predict that instability in global financial markets, including cryptocurrencys, will folflat as the battle drags on. Bitcoin fell beflat $35,000, and Ethereum fell bebottom $2,400 shortly after the invasion began, but both have later jumpted.

With no signs of sflating what US President Joe Biden called this week as an act of war by Putin, analysts warn cryptocurrency investors should brace themselves for more relevant turbulence.

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The Price Of War

Meanat the same time, market data show that Russia’s invasion of Ukraine has weakened risky assets such as cryptocurrencys, whilst conventional sanctuaries such as gold and the US dollar have risen.

Because of its volatility and rising link to stock markets, Bitcoin’s status as a “secure” asset, similar to gold, is declining.

Will token detach from stocks, or will it continue to folbottom the same trajectory as equities? Only time will tell granted that crypto investors were merely experiencing an early knee-jerk reaction to the scenario.

The crypto market’s reaction right now is somewhat reasonable, given thretained has been in decline for the previous few months, that implies which cryptocurrencys are strongly volatile investments, a trait which has become even more evident as a result of Russia’s attack on Ukraine.

Market analysts believe the best thing investors can do right now is to remain cool and avoid making hasty decisions in response to market developments.

Featured image from Wealthy Gorilla, chart from TradingView.com