Cryptocurrencies and global stock markets plummeted after Russian President Vladimir Putin announced in 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 fired missiles at several parts of the country, including the capital, Kiev, and the city of Kharkiv.

The price of Bitcoin (BTC) fell 7.26% to $35,000 on Thursday, according to Cointelegraph Markets Pro. Ether (ETH) is down 9.48% and XRP is down 9.24% on Thursday. The total value of the crypto market decreased by 8.25% to $1.58 trillion.

The volatility of the other major global financial indicators, the S&P 500 (GSPC) and the Dow Jones Industrial Average (DJI), is down about 2% over the past hour.

Ethereum co-founder Vitalik Buterin, who lived the first six years of his life in Kolomna, Russia around 4 UTC, tweeted in Russian that (according to a rough translation):

I am very upset by Putin’s decision to leave the possibility of a peaceful resolution to the conflict with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian peoples. I want everyone to be safe, even though I know there will be no security. A tribute to Ukraine.
He later added in English: “Reminder: Ethereum is neutral, which I am not.”

Atlas DEX aggregator advisor Altcoin Sherpa tweeted that the focus should be on the people involved, not impacting the markets.

Will Clemente, chief analyst at Bitcoin mining firm BlockWare, tweeted:

The price of oil rose to $99.50 in response to Russia’s actions. Podcast host and crypto investor Anthony “Pompliano” noted that since Russia is the third largest oil producer in the world, “the impact of this situation will be felt around the world.”

Source: CoinTelegraph