The cryptocurrency market suffered a severe drop after Russian forces launched a full-scale invasion of Ukraine
Bitcoin (BTC), the world’s largest cryptocurrency, plunged to $34,324, the lowest level since Jan. 24. It’s down about 8% in the last 24 hours.
Alternative cryptocurrencies are getting hit even harder, with Cardano (ADA) and Dogecoin (DOGE) shedding roughly 15% over the same period of time.
It comes after Russia launched a full-scale invasion of Ukraine with the help of the Belarusian military, setting the stage for Europe’s biggest military conflict since World War II.
Military facilities in several major Ukrainian cities came under rocket attacks. Russian troops also reportedly landed in Odessa and Mariupol, Ukraine’s southern port cities.
There were hundreds of casualties, according to the Ukrainian Interior Ministry.
Ukraine has already announced martial law across the entire country.
Russia’s Moscow Stock Exchange (MOEX) index tumbled 35% in early trading, marking the biggest one-day drop on record.
The Russian ruble has tanked to an all-time low against the U.S. dollar, touching nearly 90 rubles per dollar.
Vitalik Buterin: “Glory to Ukraine!”
Ethereum co-founder Vitalik Buterin weighed in on the escalating conflict, accusing Russian President Vladimir Putin of committing “a crime” against “Ukrainian and Russian people” in a recent tweet:
Very upset by Putin’s decision to reject the possibility of a peaceful solution to the dispute with Ukraine and start a war instead. It’s a crime against the Russian and the Ukrainian people. I want to wish everyone safety, even though I know that there will be no safety. Glory to Ukraine!
Previously, the Canadian-Russian billionaire had urged Putin to pull out of a military conflict with Ukraine and find a peaceful solution, saying he was solely responsible for the crisis.
