Market Wrap: Cryptos Crumble After Russia Bombs Major Ukraine Nuclear Power Plant

BTC, ETH and equity markets saw a sharp sell-off after Russia bombed Europe’s largest power plant

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • Russia aggressively shelled, then seized, a major nuclear power plant in Ukraine, showing disregard for a potential meltdown of the plant
  • Bitcoin, ether and all major indices fell, while gold and oil continued their march higher

Equity and cryptocurrency markets fell Friday after Russian shelling sparked a fire at Ukrainian nuclear power plant Zaporizhzhia.

Zaporizhzhia is the largest nuclear plant in Europe and is responsible for one-fifth of Ukraine's power.

The fire was put out, but workers are now operating the plant at gunpoint, according to Telegram messages from Petro Kotin, the head of the state-owned nuclear power site.

Russian forces "entered the territory of the nuclear power plant, took control of the personnel and management of the nuclear power plant," Kotin said.

Ukraine President Volodymyr Zelensky released a video regarding the attacks, reminding everyone of the infamous Chernobyl meltdown.

"I address all Ukrainians, all Europeans, everyone who knows the word 'Chernobyl,' everyone who knows how many victims that explosion of a nuclear plant brought," Zelensky said. "Russia wants to relive it and is already doing it."

Markets fell sharply as the news spread, with the S&P 500 declining 0.81% and the Nasdaq and Dow dropping 1.92% and 1.09%, respectively.

[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC,^DJI" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]

Crypto markets took an even worse hit, with bitcoin plummeting over 7% and ether falling closer to 8% by the end of stock trading hours.

[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]

Top stories

Story: CVS Files for NFT-related Trademarks in the Metaverse

  • “This signals that brands are paying attention [to the metaverse], meaning they are staking their claim similar to how people sit on domain names,” Jenna Pilgrim, a blockchain startup exec, told Blockworks
  • CVS mentioned NFTs and blockchain technology in its application

Story: Crypto Is a ‘Lifeline’ for Russian Citizens, Coinbase CEO Says

  • More users are turning to crypto in Russia as the war in Ukraine intensifies, data show
  • The notion that crypto is being used to avoid sanctions is unfounded, the CEO said

Story: Funding Roundup: $1.34B Invested in Crypto Companies and Funds This Week

  • The total money invested this week came from over 20 deals and funds, PitchBook data showed
  • Prominent venture capital firm a16z invested $70 million into DeFi staking platform Lido on Thursday

Story: Latest in Crypto Hiring: Ledger Enterprise Has New Leader

  • Another former Block executive joined crypto payment company MobileCoin
  • An ex-Citi executive was tapped to lead the growth of the Provenance Blockchain

Going forward

Bitcoin briefly aligned with gold and other safe havens this week as the Ukraine crisis grew, and sanctions on Russia pushed its population to shed rubles for other assets. But the latter half of the week proved otherwise, with bitcoin tumbling along with equities and safe havens like gold continuing to push higher.

Markets are likely to remain highly volatile as the mid-March Fed meeting approaches and conflict in Ukraine builds.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Axiom report graphic.png

Research

Axiom has rapidly become the leading Solana trading bot, capturing over 50% of Solana bot volume and hovering at 3-4% of total Solana memecoin volume just three months post-launch, driven by high user activity and larger average trade sizes.

article-image

Debate over extra Bitcoin use cases has returned, two years on from Ordinals

article-image

Altcoin season may be on a permanent pause as the market matures and paths grow more selective

article-image

Today’s blockchains are more like nervous systems without a brain — wiring without will

article-image

A number of blockchains make use of the Solana Virtual Machine

article-image

Bloomberg Intelligence analysts pegged the odds of the SEC approving US litecoin and solana ETFs in 2025 at 90%

article-image

Digital Assets Subcommittee Chair Bryan Steil called for a “roundtable” discussion in lieu of a formal hearing