Bitcoin Crashes as Ukraine-Russia Crisis Escalates

After Russian President Vladimir Putin stated on national television that his army will execute a “special military operation” in Ukraine, global cryptocurrency and stock markets plummeted. Putin Orders Ukrainian Soldiers to Return Home On Thursday, Putin ordered a special military operation in Ukraine’s Donbas region. He ordered the Ukrainian soldiers in the region, “I implore you to put down your weapons now and return home. All Ukrainian army servicemen who meet this requirement will be entitled to leave the battle zone and return to their families.” As the sun rose in Ukraine, the Russian army launched missiles throughout the nation, including the capital of Kyiv and the city of Kharkiv. The tension between the two countries has had a negative influence on global markets owing to fears that the conflict between the two countries could grow into a larger war involving other nations as well. According to a recent report, the price of Bitcoin has plummeted 7.26 percent to $35,000. Today, Ethereum (ETH) and Ripple (XRP) fell 9.48 percent and 9.42 percent respectively. Overall crypto market cap has fallen 8.25 percent to $1.58 trillion. Ukraine Legalizes Crypto Trade Last week, the Ukrainian government legalized cryptocurrency trade amid mounting tensions with Russia, whose troops had been stationed around Ukraine’s borders, awaiting President Putin’s decision. Recently, the Vice Prime Minister of Ukraine, Mykhailo Fedorov twee...