The cryptocurrency market took a nosedive in what was already seeming like a day in the red zone after Russian President Vladimir Putin declared a “special military operation” for the “demilitarization and de-Nazification of Ukraine.” 

See related article: Crypto market tumbles amid uncertainty over Russia and Ukraine

Fast facts

  • 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. 

See related article: Terra bullish trend continues; rest of crypto top 10 in red