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

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Russian President Vladimir Putin announced on national television that his army would execute a “special military operation” in Ukraine, sending cryptocurrency and stock markets tumbling.

The Russian army launched missiles over the country’s capital, Kiev, and the city of Kharkiv as the sun began to rise in Ukraine.

Significantly, reports showed that the price of Bitcoin (BTC) has plummeted 7.26% to $35,000 today. Today, Ethereum (ETH) and Ripple (XRP) both fell 9.48% and 9.24%, respectively. Additionally, the total market capitalization of cryptocurrency has plummeted 8.25% to $1.58 trillion.

On the other hand, other major global financial indexes are experiencing increased volatility, with the S&P 500 (GSPC) and the Dow Jones Industrial Average (DJI) both falling over 2% in the previous hour.

Vitalik Buterin, the founder of Ethereum, who spent his first six years of childhood in Kolomna, Russia, tweeted at around 4 a.m. UTC in Russian stating (according to a rough translation) he is:

“I am deeply disturbed by Putin’s choice to forego the potential of a diplomatic resolution to the Ukraine conflict in favour of war. This is a crime against the people of Ukraine and Russia. I want to wish everyone safety, even though I know there won’t be any. Ukraine is to be praised.”

“Remember: Ethereum is neutral, but I am not,” he continued later in English.

Altcoin Sherpa, an advisor to Atlas DEX, stated that the focus should be on the people involved rather than the impact on markets.

Price of Oil Surges as a result

In like manner, Lead Insights Analyst at Bitcoin mining startup BlockWare, Will Clemente, tweeted:

As a result of Russia’s activities, the price of oil has risen to $99.50. Because Russia is the world’s third-largest oil producer, “the repercussions of this crisis will be present globally”. According to Anthony “Pomp” Pompliano, a podcast presenter and cryptocurrency trader.

Vladimir Putin recalled ‘high risks’ of cryptocurrencies

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