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Global crypto and stock markets plunged after Russian President Vladimir Putin announced on a national broadcast that his army would conduct a “special military operation” in Ukraine. 

As the sun began to rise in Ukraine, the Russian army launched missiles around several areas of the country, including the capital of Kiev and the city of Kharkiv.

The Bitcoin (BTC) price has dropped 7.26% to $35,000 today according to Cointelegraph Markets Pro. Ethereum (ETH) dropped 9.48% and Ripple (XRP) dropped 9.24% today. The overall crypto market cap has dropped 8.25% to $1.58 trillion.

Volatility is spiking on other major global financial indexes as the S&P 500 (GSPC) and the Dow Jones Industrial Average (DJI) are down nearly 2% in the last hour. 

Ethereum founder Vitalik Buterin, who lived the first six years of his life in Kolomna in Russia, tweeted at about 4am UTC in Russian that (according to a rough translation) he is:

“Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine.”

 He added later in English: “Reminder: Ethereum is neutral, but I am not.”

Advisor to Atlas DEX Altcoin Sherpa tweeted that the focus should be on the people involved and not the effect on markets.

Analyst Will Clemente, Lead Insights Analyst at Bitcoin mining company BlockWare, tweeted:

The price of oil has spiked to $99.50 in response to Russia’s actions. Podcast host and crypto investor Anthony “Pomp” Pompliano pointed out that since Russia is the world’s third largest producer of oil, “The impact of this situation is going to be felt globally.”