The Russia-Ukraine war officially begins, leading to liquidations of long positions in cryptocurrency contracts, and frequent gas price spikes for on-chain transactions.

On the 24th, Putin decided to carry out special military operations to "protect" the two separatist regions, Donbas, in the eastern part of Ukraine, and stated that there is no intention to occupy Ukraine. This move is seen as an invasion by Ukraine and its Western allies; apart from economic sanctions, U.S. President Biden also stated, "The world will hold Russia accountable."

The Ukrainian Foreign Minister stated, "Putin has launched a full-scale invasion of Ukraine."

The U.S. stock index futures and Asian stock markets both fell, while gold and oil prices rose. The cryptocurrency market also experienced a downturn, with a large number of liquidations in the futures market, frequent on-chain transactions, and soaring Gas fees.

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Putin has just launched a full-scale invasion of Ukraine. Peaceful Ukrainian cities are under strikes. This is a war of aggression. Ukraine will defend itself and will win. The world can and must stop Putin. The time to act is now.

— Dmytro Kuleba (@DmytroKuleba) February 24, 2022

Liquidation Data

According to CoinGlass, there were over $400 million worth of liquidations in the past 24 hours, with OKEx, Binance, FTX, and Bybit being the main platforms.

Uniswap Emerges as the Most Popular Choice Amidst High Gas Fees

Ethereum gas fees have surged, surpassing the seven-day high. The average cost for swapping cryptocurrencies on Uniswap is $68.97, with a transfer fee of $20.23.

Looking at the gas fee usage in the past three hours, Uniswap has overtaken OpenSea as the top choice for swaps, followed by MetaMask's token swap contract, indicating a high demand for token swaps.