Bitcoin plunges 8% to one-month low after Putin announces military operation in Ukraine

New Delhi: Soon after Russian President Valadmir Putin declared war on Ukraine, Bitcoin today plunged as the global cryptocurrency market was trading in the red.

One of the popular cryptocurrency, Bitcoin, fell by over 8 per cent at $34,932.07.

On the other hand, second largest cryptocurrency dropped by over 10 per cent $2,376.19.

Other cryptocurrencies such as Dodgecoin was at over 12 per cent, Shiba Inu fell by 10 per cent, Polkadot fell by over 10 per cent, and Polygon dropped by over 12 per cent.

However, the performance of other crypto coins also saw the effect as Polkadot, Solana, XRP, Cardano, Terra, Polygon, Avalanche, Stellar prices were seen trading with cuts in the range of 8-15%

In the last 24 hours, the global cryptocurrency market cap is $1.66 Trillion, down 7.9%

However, despite a sharp drop in prices in the cryptocurrencies, the backers believe that its better to buy crypto assets on dips once geopolitical worries ease down.

Meanwhile, market experts believe that the corrective phase in crypto assets is always sharper and greater than in equities.

According to,  Edul Patel, CEO and Co-founder, Mudrex, the global trading volume saw plunge by nearly 191 per cent in the past 24 hours. Bitcoin, Ethereum, including all the other major altcoins are currently running in red after Russia declared war against Ukraine.

On Thursday,  Putin had warned other countries to not interfere with the Russian action or else it would lead to “consequences they have never seen.”

The announcement was made by Putin in a televised speech at the same time as the UN Security Council was urging him to give peace a chance.

Over the weekend, Bitcoin dropped below $40,000 level and kept weakening as the Ukraine crisis deepened.