Bitcoin price swoop down after Putin declares war on Ukraine

Feb 24, 2022

The price of Bitcoin fell sharply after Russian President Vladimir Putin went on television to announced a "special military operation" to complete the "demilitarization" of Ukraine.

The global cryptocurrency market cap dipped to US$1.58 trillion, the lowest since August, with the selloff yet to completely stabilize, as of press time.

The top five cryptocurrencies are all falling, with Bitcoin dropping 5.6% in less than two hours to US$34,958, while Ethereum fell by 7.7% to US$2,382, according to CoinGecko.

Terra has retraced some of its gains from Thursday morning Asia time, to join the crypto top 10 in the loss column to trade at US$55.89, down from its 24-hour high of US$62.92.

Several explosions were reported in Ukraine and European aviation regulators have warned against the threat of civilian planes getting shot down.

The West is planning full-scale sanctions against Russia while Putin warned foreign powers against interfering.