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Friday, August 12, 2022

Ukraine News: Bitcoin Price Falls Due To ‘Special Military Operation’ By Putin

There have been disastrous and fatal news that the Russian army has begun a military operation in some places in Ukraine. The rumors of this particular operation are confirmed with proof of several missile explosions in various parts of Ukraine, including its capital city, Kyiv. However, due to this incident, the bitcoin market has fallen abruptly.

The whole stock market and the value of a global cryptocurrency fell once the President of Russia, Vladimir Putin, declared military operation on a national platform in Ukraine. Following this declaration, Russia began its action when they launched a massive number of missiles as the sun rose in Ukraine and did not even spare main cities like Kyiv and Kharkiv. 

Impact Of The Military Operation In Ukraine

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As per Cointelegraph Markets Pro, this unfortunate event has resulted in a fall of BTC price to $35,000, which amounts to a 7.2% drop. The capital of the entire crypto market has further dropped to $1.58 trillion, subsequently with the fall of XRP to 9.24% and ETH to 9.48%. Moreover, among other global indexes in the financial field, the DJI and GSPS plunged by nearly 2% in just an hour of the news of the war.

The founder of ETH, Vitalik Buterin, who lived in Russia for six years, was deeply disheartened by the news. He tweeted that he is rattled and disconcerted by the word of this sudden war against Ukraine as this situation of war could have been settled peacefully. He also mentioned that this incident was a crime against the Russian and Ukrainian population, and he wished them security even though he knew that would not provide the people with protection.

Altcoin Sherpa, the advisor of Atlas DEX, even tweeted and said that this incident is just about the poor people of Ukraine and not about the market. At this moment, another side was introduced by Anthony Pomp, the investor of crypto and the podcast host, that this latest action resulted in a price hike of oil as Russia is one of the leading producers of oil. 

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