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Bitcoin Falls As Putin Orders Military Conflict In Eastern Ukraine

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The price of bitcoin fell below $35,000 for the first time today since July 2021, as Russia launched a military incursion in Ukraine. 

On Thursday, the price of bitcoin fell below $35,000 for the first time since July 2021, as Russia began its military assault in Ukraine. Some analysts had previously warned that the sell-off could worsen until tensions in eastern Europe eased. In contrast, crude oil prices continued to rise, with Brent crude futures surging more than 4.5 percent, crossing $100 per barrel for the first time since 2014.

Following an early Tass report on Russia’s decision, the biggest cryptocurrency by market capitalization slid 7.4 percent to $34,783. Ether, the second-largest cryptocurrency, fell as much as 8.7 percent to $2,390.61. Other coins including XRP, Cardano, and Solana were also affected. Bitcoin and other cryptocurrencies had begun to plummet even before Russia’s invasion of Ukraine. Tensions between these two countries have played a significant role in keeping the crypto market in the red in recent weeks. According to some analysts, bitcoin might fall as much as $28,000. Earlier this month, Ukraine had passed a law regulating bitcoin.

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According to the New York Times, Russian President Vladimir Putin announced the launch of a “special military operation” in Ukraine at around 6 a.m. local time, with the goal of “demilitarizing and denazifying Ukraine.” In the broadcast, Russian President Vladimir Putin urged Ukrainian forces to lay down their arms immediately. Putin also warned Ukraine’s friends, including the United States and other NATO members. He advised other countries not to meddle in their affairs.

Vitalik Buterin, the founder of Ethereum and a Russian crypto billionaire, voiced dismay with Russia’s choice to forgo the possibility of a peaceful solution.

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