Tensions are rising throughout the world, and as a result, the cryptocurrency market will hit its lowest point in years. The Russian invasion of Ukraine this morning has had a significant influence on Bitcoin and other cryptocurrencies. At the time of writing, Bitcoin was trading at $34,780 per unit. Meanwhile, Ethereum’s price had taken a turn for the worst and was now trading at $2,356 per unit. To put it mildly, a glance at the CoinMarketCap chart is almost depressing.
Since the news of Russia bombing sections of Ukraine, many international leaders, citizens, and crypto aficionados have had a bleak day. Many crypto elites expressed their displeasure with Putin on their Twitter accounts.
Vitalik Buterin, the Russian-born co-founder of Ethereum, expressed his displeasure with Putin’s choice to forgo the prospect of a peaceful solution. He goes on to say that Putin’s decision to go to war rather than negotiate a settlement is “a crime against the Ukrainian and Russian people.” Finally, he ends with the phrase “Glory to Ukraine.”
As the world figured out what Vladimir Putin meant by proclaiming the commencement of a “special military operation” against Ukraine, the entire crypto market turned red. This news is having a negative impact not only on cryptocurrencies but also on other areas of the economy.
Over the previous 24 hours, the global cryptocurrency market capitalization has dropped 5.85 percent to $1.55 trillion. The move by Russia to begin a military strike on Ukraine this morning caused the slump in the crypto market.
Moreover, foreign leaders keep condemning Putin’s “irrational actions.”
Many predict that if quick action is not taken to stop Putin, various sectors of the global economy will suffer.
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