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why invading ukraine could kill bitcoin?

The Russo-Ukrainian conflict is not only played out on the battlefield, but also on the Internet where cyberattacks are increasing.

Since the start of Russian hostilities, cyberattacks have multiplied in Ukraine. In parallel with the military front, and even if the country denies any involvement, several large-scale attacks have been reported throughout the country, sometimes shutting down several public infrastructures. According to the reports of several researchers, several malware would have been usedwith the aim of erasing all the data present on the targeted machines.

This week, several government sites had thus become totally or partially inaccessible. Whether it is banks, the Ministry of Foreign Affairs, the Ministry of Defence, the Interior or even that of the National Security Services, the attacks have, unsurprisingly, had serious repercussions. Faced mainly with DDoS attacks (denial of service) and Wiper, responsible for deleting all the data from a computer, to permanently put it out of service, the country is currently crumbling under attacks. Attacks openly signed by Russia, estimates the Ukrainian computer security agency, which accuses the country of not “even try more” to hide his identity.

Cryptocurrencies are collapsing

The Russian attacks did not only have political and security repercussions. In Ukraine, the situation has also had a major impact on the price of cryptocurrencies, which are plummeting worldwide. Last night, the price of bitcoin fell by 12.5%: from €33,000 at midnight, the virtual currency is dropped below the €30,700 mark a few hours later, before recovering a few points this morning.

While the Ukrainian crisis has particularly affected bitcoin, no cryptocurrency has been spared. Ethereum fell 12.3%, while Dogecoin crashed 15.3% from €0.11 to €0.097 overnight. In total, these are 167 billion dollars of loss that would have accumulated in a few hours, bringing the market to its lowest level since August 2021, analyzes the site Bein Crypto. At the time of writing this article, the price continues to fall. It remains to be seen whether this downward trend will be confirmed over the long term. In the event of a lasting impact, cryptocurrencies could crash and hit their lowest level in years.

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