Why Cardano, Chainlink, Cronos, and Polkadot Are Sinking Today
Many cryptocurrencies are being slammed today. Cardano (CRYPTO: ADA) was sinking 7.4% as of 11:58 a.m. ET. Chainlink (CRYPTO: LINK) was down 7.5%. Cronos (CRYPTO: CRO) and Polkadot (CRYPTO: DOT) were tumbling 5.4% and 4.2%, respectively. And all of these digital tokens experienced even greater declines earlier on Thursday.
Russia's invasion of Ukraine is weighing heavily on markets. Few cryptocurrencies or stocks are rising in the wake of the overall sell-off.
Why would Russia's move have such a big impact on cryptocurrencies? It boils down to risk. When investors believe that their money is at greater risk, they're more likely to shift funds into safer assets. Such "risk-off" scenarios have hurt growth stocks in the past. Now it's happening again, with cryptocurrencies also being pulled down.
Source Fool.com
