IS CRYPTOCURRENCY SAFE HEAVEN: EVIDENCE FROM RUSSIA AND UKRAINE WAR

The ongoing crisis of Russia and Ukraine is a global concern and its impact on the world economy is evident. Every industry is suffering from this global disease (Geo-political unrest between Russia and Ukraine) even financial markets. In this study, we intend to determine the impact of this war and whether it is safe to invest in Cryptocurrency after the strike of the Russia and Ukraine war. This study utilizes secondary data from verified sites and the Multiple Regression Model to meet the purpose. The result of this study reveals that this war had a detrimental impact on the crypto market initially. Gold Price Index (GPI), Share Market Index (SMI), and US Interest Rate (USIR) have a significant impact on the price of cryptocurrency (Bitcoin, Ethereum, Litecoin, and Ripple). Moreover, the result reveals that the price of cryptocurrencies e.g. Bitcoin, Litecoin, and Ethereum experienced a fall in price at the very beginning of the war that during any man-made catastrophe, digital currencies are not safe to invest in, but it is predicted that the value of these currencies will increase except XRP in the following year having a fluctuation. The currency market is undergoing significant changes making financial products a crucial stepping stone for investors and policymakers, highlighting the need to consider man-made catastrophes when investing in financial products.