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

After Russian President Vladimir Putin declared on a national broadcast that his Army would conduct a “special army operation” in Ukraine, global stock and crypto markets crashed.

The sun rose in Ukraine as the Russian army began firing missiles at several locations, including Kiev, the capital, and Kharkiv.

According to Cointelegraph Markets Pro, Bitcoin (BTC), has fallen 7.26% to $35,000. Ripple (XRP), dropped 9.24% and Ethereum (ETH) fell 9.48% today. The total crypto market cap fell 8.25% to $1.58 Trillion.

Volatility has been spiking in other major global financial indicators like the S&P 500, GSPC and Dow Jones Industrial Average (DJI). They have fallen nearly 2% over the past hour.

Vitalik Buterin (Ethernet founder), who spent the first six years in Russia’s Kolomna, Russia, and tweeted around 4 AM UTC in Russian to say that he was:

“Very disappointed by Putin’s decision not to seek a peaceful resolution to the dispute with Ukraine, but to go to war. This is a crime against both the Ukrainian and Russian people. Although I wish all security, I am aware that there won’t be any. “Glory to Ukraine!”

He said later in English, “Reminder: Ethereum neutral, but not I.”

Ochen’ rasstroen resheniem Putina otkazat’sia ot vozmozhnosti mirnogo resheniia spora s Ukrainoi i vmesto etogo nachat’ voinu. Eto prestuplenie protiv ukrainskogo i russkogo naroda. Khochu zhelat’ vsem bezopasnosti, khotia znaiu, chto ne kakoi bezopasnosti ne budet. Slava Ukraine.
— Vitalik.eth (@VitalikButerin), February 24, 2022

Advisor to Atlas DEX Altcoin Sherpa tweeted, “The focus should be on people involved and not on the effect on markets.”

Our thoughts are with the people of Ukraine tonight. Sometimes we forget that these are real people and that it is not just about the market.
Altcoin Sherpa (@AltcoinSherpa), February 24, 2022

Analyst Will Clemente is Lead Insights Analyst at Bitcoin mining firm BlockWare. He tweeted:

All of Ukraine is in our thoughts and prayers.
— Will Clemente (@WClementeIII), February 24, 2022

Russia’s actions have caused oil prices to rise to $99.50. Podcast host Anthony Pompliano, a crypto investor, pointed out that Russia is the third-largest oil producer in the world. “The effect of this situation will be felt worldwide.”

Russia is the third-largest oil producer in the globe. Oil is now at $100 per barrel. This situation will have a global impact.
— Pomp (@APompliano), February 24, 2022