Tensions between Russia and Ukraine rose to another level as Russian military forces attacked the military infrastructure and border guard units in Ukraine.

Somewhat predictably, the global financial markets including the entire cryptocurrency market reacted under pressure and uncertainty with massive price drops recorded.

Reports began to appear early in the day about explosions in several Ukrainian military districts, as the country’s President Volodymyr Zelensky said:

Putin launched a large-scale invasion of Ukraine.

The President explained that the attacks targeted military headquarters, airports and warehouses in Kyiv, Dnipro and Kharkiv.

The Ukrainian authorities imposed protective provisions throughout Ukraine by sounding sirens in Kyiv and other cities.

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Although most Western leaders have already criticized Russia’s actions, including US President Joe Biden and British Prime Minister Boris Johnson, these criticisms seem to have little bearing on Putin and his administration.

Regardless of the threat to the peace of Europe, these actions had immediate negative effects on almost all financial markets.

Stock markets have plummeted everywhere, and the situation in the crypto space is no different.

Bitcoin fell from around $39,000 yesterday to below $34,500 in less than one day.

Most altcoins have seen double-digit price drops, including Ethereum, Binance, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, and many more.

Liquidations rose to over $400 million on a daily scale and over $300 million in the past 12 hours.

The market capitalization of cryptocurrencies has fallen below $1.6 trillion, which means it has fallen by nearly $200 billion since yesterday.

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