What does Russia's invasion of the Ukraine mean for crypto?

Since prices peaked in November the general trend for cryptocurrency prices has been downwards. In many respects, crypto prices have been tracking the stock market as institutional adoption of crypto has increased. Daily market swings in crypto are generally larger than they are in the stock market, as it is a more volatile investment. With this week's news that Russia has invaded Eastern Ukraine on a "peacekeeping" mission the question is what does this mean for crypto?

Other pieces of news, such as Germany delaying the opening of the Nord Stream 2 pipeline (a 764 mile long pipeline connecting Russia to Germany), and the United States introducing a first round of sanctions against Russia, the most likely outcome is for investors to get nervous and for prices to drop further. This could create good buying opportunities for investors who believe in the long term prospects of cryptocurrency. At this time it would probably be wise to avoid meme coins and other smaller crypto projects to focus on better established cryptos like Bitcoin, Ether, Polygon, etc.