Cryptocurrencies continued to fall as Russia has launched an attack on Ukraine. It has been observed that Bitcoin hit a one-month low. After Vladimir Putin’s campaign to demilitarize Ukraine began with a series of missile strikes on Thursday, the largest token plummeted 8.5 percent to $34,337. On the other hand, Ether, which was placed second, plummeted 12% to $2,301.84.
Other coins, including XRP, Cardano, and Solana, were also affected. Dogecoin was trading at $0.11, down over 12%. Shiba Inu was trading at $0.000022, down nearly 10%. Other coins’ performance suffered as well. The values for Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon and Polkadot tumbled by 8-15 percent.
Russian President Vladimir Putin gave a statement that he would launch a military operation in Ukraine. His decision has pushed global markets into turmoil. Putin launched a military operation in Ukraine on Thursday. He warned the countries that any country which intervene in his attempt to launch an attack on Ukraine would result in outcomes they have never experienced.
Furthermore, the huge fluctuations in Bitcoin in recent weeks of growing international tensions have weakened the idea that cryptocurrencies may be used as a safety net in times of crisis. Meanwhile, gold, the classic safe refuge, soared to its highest level since early 2021 on Thursday.
In addition to this, Vitalik Buterin who is a Russian-Canadian co-founder of the Ethereum blockchain, blasted Russian President Vladimir Putin on Twitter after Russia began a special military operation in Ukraine, virtually starting a war on the eastern European country. Buterin is one of the few corporate executives who has spoken out against Russia’s assault of Ukraine thus far. Earlier this month, the Ethereum co-founder urged Putin to “select prudently” before deciding on Ukraine. He stated on Twitter, “An attack on Ukraine can only damage Russia, Ukraine, and humanity.”