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A major drop in the Crypto market as Putin decides ''special military operation'' in Ukraine
The Crypto market witnessed a significant drop this morning after Russian President Vladimir Putin declared that the country's army would conduct a special military operation in UA.
Russia-Ukraine fight affects global crypto market
On Thursday morning, the Russian army launched missiles around multiple areas like the capital of Kyiv and the city of Kharkiv in Ukraine. This resulted in a massive panic situation leading to a plunge in crypto and the stock market with volatility touching skies.As per the data, the price of Bitcoin has dropped to $34,522, down by 8% in the last 24 hours. It is currently trading around $35,100 zone. On the other hand, altcoins, including Ethereum (dropped by 12.2%), Ripple (dropped by 12.2%), and Solana (dropped by 9.5%), also plunged in double digits on Thursday. The overall crypto market capitalization has also been found dropping by 9.37%, sitting at $1.57 trillion.
Criticism on social media
The decision by Russia is being highly criticized on social media, with multiple big names coming forward to express their concerns.Vitalik Buterin, Ethereum co-founder, who himself has lived in Russia for six years, tweeted that he is very upset with Putin's decision for not opting for a peaceful solution to the dispute with Ukraine and going to war instead.
Очень расстроен решением Путина отказаться от возможности мирного решения спора с Украиной и вместо этого начать войну. Это преступление против украинского и русского народа.
Хочу желать всем безопасности, хотя знаю, что не какой безопасности не будет.
Слава Украине.
— vitalik.eth (@VitalikButerin) February 24, 2022
Later, he added:
"Reminder: Ethereum is neutral, but I am not."Other big names include Atlas DEX advisor Altcoin Sherpa, who said that one should currently focus on people involved, not on the effects on markets.
The actions of Russia, which is the world's third-largest oil producer, have resulted in a spike in oil prices to $99.50. Crypto investor Anthony "Pomp" Pompliano said that this situation would impact the whole world.
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