Share this article
Ukraine Update: Putin Recognizes Two Breakaway Regions, Biden Responds With Sanctions
The increase in tension on Monday sent U.S. stock index futures to session lows and bitcoin back towards the bottom of its recent price range.
Updated May 11, 2023, 5:55 p.m. Published Feb 21, 2022, 9:20 p.m.
Russian President Vladimir Putin signed decrees recognizing the independence of the Donetsk People's Republic and Luhansk People's Republic, both of which are located in eastern Ukraine's Donbas region.
U.S. President Joe Biden responded by promising an executive order banning U.S. citizens from engaging in investment, trade, and finance with the so-called DNR and LNR. The Biden Administration further warned that these measures are but a warm-up for sanctions planned in conjunction with allies in the event of further Russian escalation.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
European Commission President Ursula von der Leyen calls the Russian action a "blatant violation of international law, the territorial integrity of Ukraine and the Minsk agreements."
U.S. markets are closed for the Presidents' Day holiday, but futures are trading and sunk to session lows following the news, with the Nasdaq 100 down 1.9% and the S&P 500 off 1.25%. Bitcoin had managed to climb to over $39,000 after dropping to a three-week low of $37,200 early Monday morning, but has now dipped back to $38,200.
UPDATE 2/21 4:48 p.m. ET:Financial Times Moscow Bureau Chief Max Seddon reports Putin has ordered Russian troops into the DNR and LNR regions of Ukraine on "peacekeeping missions."
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase’s Base faces builder backlash over creator coin push
Builders on Base are pushing back against the network’s close alignment with Zora, arguing the creator-coin narrative sidelines established projects.
What to know:
- Base has seen a surge in creator-coin issuance via Zora, with daily token mints surpassing Solana in August, boosting onchain activity and attention.
- Some Base-native projects say marketing and social support has become narrowly focused on Zora-linked initiatives, leaving other established communities without recognition.
- While Base continues to process more than 10 million transactions per day, critics warn that deteriorating builder sentiment could push projects toward rival chains like Solana or Sui.
Top Stories
