Many cryptocurrency market participants have weighed in on the conflict between Ukraine and Russia. Vitalik Buterin, the co-founder of Ethereum, has stated that his personal opinions have no bearing on Ethereum’s position in the ongoing crisis.
Buterin has condemned Russia’s actions, pledging his support for Ukraine. Buterin stated in a Russian tweet that he is dissatisfied with Vladimir Putin’s decision to abandon the peaceful resolution of the dispute. He goes on to say that the move will only lead to a situation in which no one will be safe.
Buterin has made no secret of his dissatisfaction with the situation. He warned earlier this month that an attack on Ukraine would only harm Russia, Ukraine, and humanity.
The announcement by Russia that it will conduct special military operations in Ukraine has sparked a strong reaction in global markets. The market fell further after it was revealed that Russia had begun launching attacks across Ukraine.
Over $300 billion has been deducted from the crypto market cap, which has dropped 10.6 percent on the day and is now worth $1.5 trillion. Bitcoin, the most important cryptocurrency, has plummeted significantly. Bitcoin (BTC) is currently trading at around $35,343, a 9.64 percent decrease in the last 24 hours. Bitcoin fell to an intraday low of $34,522.
Ethereum (ETH) is also down 13.2 percent and is currently trading around $2,400. Cardano (ADA) suffered the greatest percentage loss among the top ten cryptocurrencies by market cap, falling 17.8 percent. BNB, XRP, and LUNA are down 12.4%, 13.6%, and 8.29%, respectively.
Meanwhile, the values of stablecoins such as Tether (USDT), Binance USD (BUSD), and USD Coin (USDC) increased slightly on the day. Stablecoin trading volumes have skyrocketed as safe-haven demand has risen.
Aside from the crypto market, the stock market has also crashed, while oil prices have risen. According to The Guardian, Russian stock markets have dropped to their lowest level since 2016. According to the report, the price of oil has risen from $60 per barrel to more than $100 per barrel.