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

Global crypto markets and stock markets plummeted after Russian President Vladimir Putin announced on national broadcast that his troops would conduct a "special military operation" in Ukraine.

As the sun began to rise in Ukraine, Russian forces fired missiles around several parts of the country, including the capital Kiev and the city of Kharkiv.

Bitcoin prices fell 7.26% today to $35,000, according to Cointelegraph Markets Pro. Ethereum fell 9.48%, and Ripple fell 9.24%. The total market capitalization of the crypto market fell by 8.25% to $1.58 trillion.

With the S&P 500 (GSPC) and the Dow Jones Industrial Average (DJI) down nearly 2% in the past hour, volatility is building up in other major financial indexes around the world.

Ethereum founder Vitalik Buterin, who has lived in the Russian city of Kolomna for six years, tweeted in Russian at around 4:00AM UTC (according to a rough translation):

"I am very disappointed in Putin's decision to give up the possibility of a peaceful solution to the dispute with Ukraine and go to war. This is a crime against the people of Ukraine and Russia. I want to wish everyone safe, even though I know it won't be safe. Glory to Ukraine .”

He then added in English: "Reminder: Ethereum is neutral, but I am not."

Altcoin Sherpa, an advisor to Atlas DEX, tweeted that the focus should be on the people involved, not the impact on the market.

Heartfelt sympathy to everyone in Ukraine tonight. We sometimes forget, people living in this situation, that it's not all about the market.

— AltcoinSherpa (@AltcoinSherpa) February 24, 2022

Will Clemente, an analyst at bitcoin mining firm BlockWare, tweeted:

Concerns and prayers for everyone in Ukraine.

— Will Clemente (@WClementeIII) February 24, 2022

Oil prices have surged to $99.50 in response to Russia's actions. Podcast host and cryptocurrency investor Anthony Pompliano noted that since Russia is the world’s third-largest oil producer, “the impact of this situation will be felt globally.”

Russia is the third largest oil producer in the world.

Oil just hit $100 a barrel.

The impact of this situation will be felt globally.

— Pomp (@APompliano) February 24, 2022

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