Crypto Market Drops Amid the Escalation of Russia-Ukraine Conflict

The price of bitcoin plummeted after Russian President Vladimir Putin went on television to announce a "special military operation" to "demilitarize" Ukraine.

Media reports about explosions in Kiev and other cities of Ukraine. According to data from CoinMarketCap, the total market capitalization of the cryptocurrency has lost approximately 5% over the past 24 hours, bringing it to $1.6 trillion. Most of these losses occurred in direct preparation and after the invasion. In less than half an hour, Bitcoin fell from $37,000 to below $35,500.

A similar collapse in prices is also observed among altcoins - the TOP-10, including Ethereum (ETH), fell somewhere by 8-10%. Analysts say that Bitcoin could face continued downward momentum all the way to $30,000 and below.

It’s not just crypto markets that are reacting. US stock markets continued their correction today, with the Dow Jones Industrial Average falling 1.38%. Asian markets, which were open at the time of Putin's announcement, also reacted; The Nikkei fell 1% and China's Hang Seng index fell more than 2%.