This morning when Ukraine witnessed a “special military operation” by Russia, the crypto market saw a heavy plunge, as we reported.
Social media, including Twitter and Reddit, is filled with people expressing their concerns over the panic selling and the future of the world economy. Multiple big names have been found commenting on the same.
Ethereum co-founder Vladimir Putin, who has lived in Kolomna, Russia, for six years, has expressed serious concerns over the sufferings faced by citizens of both countries. He criticized Putin for not taking a peaceful stance and opting for war.
Очень расстроен решением Путина отказаться от возможности мирного решения спора с Украиной и вместо этого начать войну. Это преступление против украинского и русского народа.
Хочу желать всем безопасности, хотя знаю, что не какой безопасности не будет.
— vitalik.eth (@VitalikButerin) February 24, 2022
He added, “I want to wish everyone security, although I know that there will be no security. Glory to Ukraine.”
Atlas DEX aggregator Altcoin Sherpasaid that during these times, one should not focus on markets and rather focus on the people involved.
Thoughts are with all of those in Ukraine tonight. We sometimes forget that there are real people living in these situations and it's not all about the market. 😔
— Altcoin Sherpa (@AltcoinSherpa) February 24, 2022
The Crypto community also talked about high oil prices
Apart from the majority of stocks losing valuation by over 5%, the oil prices witnessed an eight-year high above $100. Crypto investor Anthony “Pomp” Pompliano said that
the impact of this situation would be felt globally.
Russia is the third largest oil producer in the world.
Oil just hit $100 a barrel.
The impact of this situation is going to be felt globally.
— Pomp 🌪 (@APompliano) February 24, 2022
CEO of crypto exchange FTX, Sam Bankman-Fried, believes that the BTC’s decline was no surprise. Bankman-Fried remarked in a Twitter thread about the market situation that the war has created a liquidity shortage in the market, leading to sell-offs in both traditional and crypto markets.
BTC’s price decrease can also be attributed to its increasing correlation with the Nasdaq and S&P 500, which recently reached a two-year high.
1) Some thoughts on crypto, Ukraine, and stocks
— SBF (@SBF_FTX) February 24, 2022
Many people are advising not to fight over ups and downs in the market right now and focus on the people who are suffering. It would be interesting to see what Russia does next and how Ukraine defends itself.