Bitcoin plunges as Putin announces 'special military operation' in Ukraine

Published at: Feb. 24, 2022

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
Tags
Bitcoin
Regulation
Ethereum
Cryptocurrencies
Stocks
Oil And Gas
Related Posts
Binance Research Finds Bitcoin Correlated to Stocks — But Not For Long
In a new report Binance Research found a ‘moderate’ positive correlation between Bitcoin and US equities during the first quarter of 2020 — but neither was correlated to gold. Bitcoin was down 10% over the quarter but still outperformed the S&P 500 which experienced a 19% drop. According to the report, the correlation was fairly high at 0.57, as shown through similar patterns in daily business day returns. Gold and long-term treasuries showed no relationship to other markets as they rose by 8% and 23% respectively. The good news for hodlers is that the Binance Research analysts concluded their report …
Bitcoin / April 3, 2020
Here’s why Bitcoin traders shouldn’t overanalyze US inflation data
Analysts and pundits will scramble to find some angle to explain intra-day price action whenever important economic numbers are published and this practice is commonplace in the crypto sector. When the United States Bureau of Labor Statistics reported a 7.5% increase in the consumer price index (CPI) on Feb. 10, traders rushed to find some connection to the crypto price action. However, historical correlation data shows investors should actually closely scrutinize whether there is even a relation between Bitcoin (BTC) and major economic indicators. General investment advice would suggest that traders ignore the intraday movements, especially considering that most assets …
Bitcoin / Feb. 11, 2022
Is there a way for the crypto sector to avoid Bitcoin’s halving-related bear markets?
There is good reason to be afraid. Previous down markets have seen declines in excess of 80%. While tightfisted hodling might hold wisdom among many Bitcoin (BTC) maximalists, speculators in altcoins know that diamond handing can mean near (or total) annihilation. Regardless of one’s investment philosophy, in risk-off environments, participation flees the space with haste. The purest among us might see a silver lining as the devastation clears the forest floor of weeds, leaving room for the strongest projects to flourish. Though, doubtlessly, there are many saplings lost who would grow to great heights themselves if they had a chance. …
Adoption / June 21, 2022
Wen moon? Probably not soon: Why Bitcoin traders should make friends with the trend
The impact of Federal Reserve policy and Bitcoin’s higher timeframe market structure suggest that BTC price is not yet ready for a trend reversal. Bitcoin (BTC) price continues to chop below the $22,000 level and the wider narrative among traders and the mainstream media suggests that a risk off sentiment is the dominant perspective ahead of this week’s Jackson Hole summit. Over the three-day symposium, the Federal Reserve is expected to clarify its perspective on inflation, interest rate hikes and the overall health of the United States economy. In the meantime, traders on crypto Twitter continue to fantisize about a …
Bitcoin / Aug. 25, 2022
Hodlnaut cuts 80% of staff, applies for Singapore judicial management
Cryptocurrency lending firm Hodlnaut has cut most of its workforce and has applied to be placed under judicial management due to bleak financial circumstances. Hodlnaut, which offers interest-bearing cryptocurrency investment options in vetted institutions, confirmed the dire state of affairs on Aug. 19. The company’s poor financial position has been put down to losses suffered by its Hong Kong subsidiary during the infamous TerraUSD crash, high volumes of withdrawals and the general downturn across cryptocurrency markets. The company opted to apply for judicial management, which will see the Singaporean Court appoint a manager to review its accounts and activities as …
Bitcoin / Aug. 19, 2022