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Bitcoin and Ethereum fall as the White House advises Americans to leave Ukraine

Uncertainty and fear in the market remain high as tensions in Ukraine escalate and investors brace themselves for aggressive rate hikes.

The White House is urging Americans to leave Ukraine.

Jake Sullivan, White House National Security Advisor, advised Americans in Ukraine to leave within one or two days.

“Any American in Ukraine should leave as soon as possible, preferably within the next 24 to 48 hours,” Sullivan advised. “We obviously cannot predict the future because we do not know what will occur. But the risk is now high enough, and the threat is immediate enough, that caution is required.”

He claims that anyone who stays runs the risk of not being able to leave in the near future.

“If you stay, you accept risk, with no guarantee of another opportunity to leave and no prospect of a US military evacuation in the event of a Russian invasion,” he said.

This fueled investor concerns that military action could be imminent, further weighing on the markets.

Hawkish nourished

Inflationary pressures are exacerbating market uncertainty and fear. Inflation has been rising at a faster-than-expected rate, leading many to believe that the Federal Reserve will raise interest rates more aggressively. Higher interest rates tend to reduce market liquidity and even cause periods of bearish sentiment.

Today’s major market decline was aided by a double dose of negative news.

By the end of the day, the S&P 500 had dropped 1.9 percent after falling as much as 2.38 percent earlier in the day. The Nasdaq was down more than 3% at market close and had dropped as much as 3.45% intraday. Bitcoin, ether, and other cryptocurrencies all took similar hits, with bitcoin falling by more than 2%. By the end of the equity markets, ether had dropped by a whopping 4.65 percent.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

 

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