Bitcoin and Altcoins Tank as Russia Launches Full-Scale Invasion of Ukraine

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The cryptocurrency market suffered a severe drop after Russian forces launched a full-scale invasion of Ukraine

Bitcoin (BTC), the world’s largest cryptocurrency, has plunged to $34,324, the lowest level since Jan. 24. It is down roughly 8% over the last 24 hours.

Alternative cryptocurrencies are getting hit even harder, with Cardano (ADA) and Dogecoin (DOGE) shedding roughly 15% over the same period of time.

This comes after Russia launched a full-scale invasion of Ukraine with assistance from the Belarusian military, setting the stage for the largest military conflict in Europe since World War II.

Military facilities in several major Ukrainian cities came under rocket attacks. Russian troops also reportedly landed in Odessa and Mariupol, Ukraine’s southern port cities.

There have been hundreds of casualties, according to Ukraine’s interior ministry.

Ukraine has already announced martial law across the entire country.

Russia’s Moscow Exchange (MOEX) index collapsed 35% in early trading, marking the biggest one-day drop on record.

The Russian ruble has tanked to an all-time low against the U.S. dollar, touching nearly 90 rubles per dollar.

Vitalik Buterin: “Glory to Ukraine!”

Ethereum co-founder Vitalik Buterin has weighed in on the escalating conflict, accusing Russian President Vladimir Putin of committing “a crime” against “the Ukrainian and Russian people” in a recent tweet:

Очень расстроен решением Путина отказаться от возможности мирного решения спора с Украиной и вместо этого начать войну. Это преступление против украинского и русского народа.

Хочу желать всем безопасности, хотя знаю, что не какой безопасности не будет.

Слава Украине.

Prior to that, the Canadian-Russian billionaire urged Putin to back away from a military conflict with Ukraine and find a peaceful solution, claiming that he was solely responsible for the crisis.

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