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.”

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

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.”

Thoughts are with all of those in Ukraine tonight. We sometimes forget that there are real people living in these situations and it's not all about the market.

— Altcoin Sherpa (@AltcoinSherpa) February 24, 2022

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

Thoughts and prayers are with everyone in Ukraine.

— Will Clemente (@WClementeIII) February 24, 2022

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.”

Russia is the third largest oil producer in the world.Oil just hit $100 a barrel. The impact of this situation is going to be felt globally.

— Pomp (@APompliano) February 24, 2022