As the Russia-Ukraine conflict deepens, Bitcoin, Ethereum, and Dogecoin all fall in value — why investors should brace themselves for a wild week.

 Throughout the weekend, Bitcoin was trading in the red. The global cryptocurrency market worth was down 4% to $1.8 trillion at press time on Sunday evening.

Why It Matters: Major currencies remained weak on Friday as signs of a deescalation in hostilities between Russia and Ukraine faded.

According to a Reuters story, Russian President Vladimir Putin informed his Turkish counterpart Tayyip Erdogan over the weekend that the conclusion of Moscow's actions in Ukraine "is only feasible if Kyiv ends military operations and complies with well-known Russian demands."

According to Reuters, the general staff of Ukraine's army claimed on Sunday that Russians were gathering resources for a storming of Kyiv, the country's capital.

At press time, cryptocurrencies were trading lower against other risk assets, while commodities like oil and gold were surging.

At press time, the S&P 500 and Nasdaq futures were down 1.5 percent and 1.9 percent, respectively, at 4,263.75 and 13,578.25.

Gold COMEX futures were 1.4 percent higher at $1,994.60 on April 22. WTI Crude futures increased by 7.6% to $124.43 on April 22, while ICE Brent Crude futures increased by 8.5 percent to $128.11 on May 22.

Michaal van de Poppe, a cryptocurrency trader, warned of impending turbulence and asked his followers to "remain calm."

"This week is going to be tumultuous," he said. "Maintain your composure. In these markets, this is the best option."

Bitcoin is at a critical level, according to Jan&Yann, cofounders of on-chain monitoring business Glassnode, and if it fails to break over $40,000, it might hit support levels in the $34,000 to $36,000 region.

Meanwhile, only 33.6 percent of 1,958 respondents in a poll conducted by financial market data and information platform Santiment voted in favor of buying the decline in cryptocurrencies.

Alternative.me's "Crypto Fear & Greed Index," which flashed "Extreme Fear" at press time, mirrored Santiment's findings.