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Russia Invades Ukraine: Impact on the Markets

Here's a roundup of our news and analysis on Russia's invasion of Ukraine and its impact on crypto markets and the digital-asset industry.

Updated May 11, 2023, 4:35 p.m. Published Feb 24, 2022, 9:55 p.m.
Map of Ukraine. (Openverse, modified by CoinDesk)
Map of Ukraine. (Openverse, modified by CoinDesk)

(All times in coordinated universal time or UTC.)

Feb. 28

STORY CONTINUES BELOW
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18:50 Crypto Donations Are About More Than Censorship-Resistance

13:54 First Mover Americas: Bitcoin Shows No Signs of Panic Even as Worst Case Scenario Looms

12:51 US Treasury Prohibits Transactions With Russia's Central Bank

11:31 Ukraine Government Is Using Crypto Aid to Purchase Critical Supplies

11:06 Russia-Ukraine Peace Talks Start in Belarus

8:54 Russia Banks Raise Key Rates by 20% in Desperate Measure to Save Ruble

7:42 Central Bank of Russia Braces for Turmoil With Non-Resident Trading Ban

7:40 Ukraine Asks Exchanges To Freeze Russian, Belarusian Crypto Accounts

6:28 Ruble-Denominated Bitcoin Volumes Surges to 9-Month Highs

5:33 Crypto Donations to Ukraine Near $10M

Feb. 27

21:09EU Plans €500M Weapons, Aid Package for Ukraine to Help Repel Russian Invasion

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19:53New DAO Raises $3 Million in ETH for Ukrainian Army

17:36Elon Musk Steps Up to Save Ukraine's Internet, but Details Are Sparse

15:35Putin Puts Russia Nuclear Forces on High Alert Following Sanctions

Feb. 26

19:30EU Close to Cutting Russia Off From SWIFT Over Ukraine Invasion

19:14Ukraine Mounts Effort to Surveil Russian Politicians’ Crypto Wallets

16:58Ukrainian Government Is Seeking Crypto Donations

Feb. 25

23:51US Sanctions Russian President Vladimir Putin

22:55Former CFTC Chair Giancarlo on Russian Sanctions, CBDCs and Dollar Hegemony

21:22Market Wrap: Cryptos and Stocks Rise on Possibility of Russia-Ukraine Talks

19:47Apolitical Crypto Networks in Times of War and Crypto

19:20ECB Wants Quick Action on Crypto Regulation Following Russian Sanctions

16:21Patreon Removes Ukrainian Charity Raising Military Aid Over Policy Violation

10:38Ethereum Mining Pool Flexpool Halts All Services to Russia in Wake of Ukraine Invasion

8:56Short Positions See $143M in Liquidations as Bitcoin, Ether Gain 10%

Feb. 24

23:29 15 Key Economic Questions After Russia Invades Ukraine

23:26 First Mover Asia: India Crypto Firms, Regulators Continue Their Regulatory Debate; Bitcoin Recovers From a Post-Invasion Freefall

21:26 Market Wrap: Bitcoin Stabilizes Amid Geopolitical Uncertainty

20:55 People Are Sending Bitcoin to Aid Ukraine's Military as Russia Advances

20:32 Major Reversals From Overnight Action Continue Following Biden Sanction Remarks

19:37 President Biden Announces Technology Export Controls, Bank Sanctions Against Russia

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19:35 Bitcoin Price Drop on Russia's Ukraine Invasion Suggests It’s Not ‘Digital Gold' for Everyone

18:20 US to Expand Sanctions Against Russia After Ukraine Invasion

17:22 Tether's USDT Stablecoin Well Over $1 on Ukrainian Crypto Exchange

16:27 Bitcoin Selling Intensifies; Support at $30K Could Stabilize Correction

13:59 First Mover Americas: Traders Prefer Gold, Fiat Safe Havens Over Bitcoin as Russia Goes to War

13:47 Pain Ahead for Major Cryptos on Ukraine Crisis, With Bitcoin Seen Less Risky by Some

13:28 Cardano’s ADA Dives 18%, Leading Plunge in Cryptos as Russia Begins War With Ukraine

13:04 Russia to Restrict Crypto Trading to Licensed Platforms, Certified Wallets

9:55 Crypto Market Capitalization Slumps to $1.5T as Russia Attacks Ukraine

9:07 Ukraine Central Bank Suspends Use of Electronic Money Following Russian Invasion

7:44 Bitcoin Falls 7% as Russia Invades Ukraine; Experts Say Fed U-Turn on Rate Hikes Unlikely

6:27 Crypto Sees $242M in Liquidations Within Hours Amid Russia-Ukraine Crisis

4:00 Bitcoin Crashes More Than 7% in 24 Hours as Putin Announces 'Special Military Operation' in Ukraine

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Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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Consensus 2025: Zak Folkman, Eric Trump

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  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.