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Bitcoin price nosedived nearly $8,000 Today after a series of missiles dropped in Kyiv, the capital city of Ukraine, early morning. Bombs dropped near cities like Kyiv and Kharkiv are home to millions of Ukrainians.
The direct domino effect can be observed on the stock and crypto markets. Bitcoin prices dropped nearly 8% from $43,100 to $35,110, along with other major cryptocurrencies. Same time Ethereum (ETH) declined 11.75%, and Ripple (XRP) dropped 12.15% today. The overall crypto market cap has crashed by almost 9%.
Since last week due to the scaling Ukraine-Russia, tensions, Bitcoin plunged nearly 17.95%. In comparison, Ethereum slumped 22.05%, undermining any theory that the crypto market can defy geopolitical events that disrupt the stock prices.
According to reports, Russian President Vladimir Putin authorized a special military operation in the early hours of Thursday morning. Putin ordered the Ukrainian military to lay down its arms and return home. Just after which people in Kyiv could hear artillery shelling in nearby areas.
Vitalik Buterin, the founder of the Ethereum blockchain, is a Canadian-Russian programmer born and spent his childhood in Kolomna (Russia). He is among the few crypto leaders to speak out about Russia's invasion of Ukraine so far. Early morning at about 4 am he tweeted in Russian that he is: "Very upset by Putin's decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine." Subsequently, he later tweeted a post in English saying, "Reminder: Ethereum is neutral, but I am not."
Moreover, according to two prominent cybersecurity firms in Ukraine, the country has been a victim of a new malicious malware capable of erasing data from hacked devices. Symantec BV and ESET LLC provide security software solutions, including virus protection reported malware assaults against Ukrainian computer networks. The firm confirmed the new wiper strain virus was installed on hundreds of computers nationwide and targeted financial institutions and government contractors. As a result of this and the growing military tension, the financial market collapses along with the Ukraine crisis.