Bitcoin price dropped below $35,000 for the first time since January as Russia began its military operation in Ukraine

Bitcoin price fell below $35,000 for the first time since January on Thursday as Russia began its military operation in Ukraine, a sell-off that some analysts had previously warned could further exacerbate the situation. until tensions eased in Eastern Europe. At the time of writing, BTC is changing hands at $34,937.

bitcoin-price-dropped-below-35000-for-the-first-time-since-january-as-russia-began-its-military-operation-in-ukraine

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price falls below $35,000 as Putin orders military operation in Ukraine

Bitcoin fell more than 7% since Wednesday night (more than 9% in the last 24 hours) to around $34,763 at 11:50 p.m. ET before rallying back to over $35,000 after midnight. Since hitting a record high of over $69,000 in November, the cryptocurrency has lost more than $600 billion in market value.

The crypto market on the morning of February 24 was sharply corrected again when Russia announced that it would launch a military campaign against Ukraine, raising fears of an impending war.

In a new speech made on the morning of February 24, Russian President Putin announced that he had approved the decision to organize a special military operation in the eastern Donbass region in order to “demilitarize Ukraine”, and warning other countries not to intervene if they do not want to bear the heavy consequences.

The reason for sending troops to the Donbass region that the Russian President gave was to restore peace and eliminate the neo-fascists created by Ukraine. Putin affirmed that the goal of the operation is to aim at disarmament in the breakaway regions of Ukraine and to hold accountable those responsible for a series of crimes against civilians, including citizens of the Russian Federation.

US President Joe Biden issued a statement declaring that Russia’s attack was “without good reason” and “not for self-defense purposes”, bringing the tragedy of war to the people of Ukraine. The US and its allies will monitor the situation and will take action to protest.

This is the next development of increased tension after Russia recognized the independence of two breakaway regions in the Donbass region of Ukraine at the beginning of the week. announced sanctions are no longer effective. Ukraine on February 23 declared a state of emergency on a nationwide scale and called for reservists to enlist in the army.

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