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The crypto market has rallied over the past 24 hours, as news reports indicate a Russian invasion of Ukraine looks less likely. Layer 1 coins have led the recovery, with Solana and Avalanche putting in double-digit gains.
Russian Invasion Fears Subside
The crypto market has bounced back.
Cryptocurrencies are staging a broad recovery after reports that Russia is removing troops from the Ukraine border. Although Ukrainian officials remain skeptical of a full Russian withdrawal, the crypto market has rallied on the news, sending the total crypto market cap back above $2 trillion.
Bitcoin has climbed 5.41% after holding support at around $42,000 over the weekend. The top cryptocurrency is currently trading at $44,420 and is closing in on its local high of $45,815 set last Thursday.
BTC/USD chart. Source: CoinGecko
The Layer 1 coins Ethereum, Solana, and Avalanche, have outpaced Bitcoin during the recent rebound. Avalanche is currently leading the charge, gaining 13.3% after recouping from a lower low of $76.60 registered yesterday. Solana is also showing strength, climbing 10% and putting the coin back above $100. Ethereum has risen 9.1% on the day and is currently trading at $3,112.
While it is still too early to completely dismiss a Russian invasion of Ukraine, Tuesday morning reports point to possible Russian de-escalation on the Ukrainian border. The Russian defense ministry has stated that it will withdraw some of its troops stationed on the border while releasing a video of Russian tanks and other heavy weaponry being loaded onto railway cars.
The Russian ruble has climbed against the dollar on the news, indicating that investors believe the defense ministry’s announcement to be the start of de-escalation efforts between Russia and Ukraine. The recent gains posted by crypto assets appear to mirror this sentiment, as the diminished threat of war leads investors back to risk-on assets.
However, despite market movements projecting an easing of tensions between Russia and Ukraine, NATO officials and the Ukrainian government remain skeptical. Ukrainian foreign minister Dmytro Kuleba said that he is still waiting for evidence that Russian troops are actually being withdrawn from the Ukrainian border.
Disclosure: At the time of writing this piece, the author owned ETH, SOL, and several other cryptocurrencies.
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