Bitcoin plunges as Putin announces ‘special military operation’ in Ukraine

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Bitcoin plunges as Putin announces ‘special military operation’ in Ukraine


Global crypto and stock markets plunged after Russian President Vladimir Putin announced on a national broadcast that his army would conduct a “special military operation” in Ukraine. 

As the sun began to rise in Ukraine, the Russian army launched missiles around several areas of the country, including the capital of Kiev and the city of Kharkiv.

The Bitcoin (BTC) price has dropped 7.26% to $35,000 today according to Cointelegraph Markets Pro. Ethereum (ETH) dropped 9.48% and Ripple (XRP) dropped 9.24% today. The overall crypto market cap has dropped 8.25% to $1.58 trillion.

Volatility is spiking on other major global financial indexes as the S&P 500 (GSPC) and the Dow Jones Industrial Average (DJI) are down nearly 2% in the last hour. 

Ethereum founder Vitalik Buterin, who lived the first six years of his life in Chechnya, tweeted at about 4am UTC in Russian that he is “very upset by Putin’s decision to abandon the possibility” of a peaceful solution. He added “Reminder: Ethereum is neutral, but I am not.”

Advisor to Atlas DEX Altcoin Sherpa tweeted similar sentiments to Vitalik in saying “We sometimes forget that there are real people living in these situations and it’s not all about the market.”

Analyst Will Clemente, Lead Insights Analyst at Bitcoin mining company BlockWare, tweeted:

The price of oil has spiked to $99.50 in response to Russia’s actions. Podcast host and crypto investor Anthony “Pomp” Pompliano pointed out that since Russia is the world’s third largest producer of oil, “The impact of this situation is going to be felt globally.”