Crypto traders got liquidated as Russia launches war on Ukraine

Putin, Russia's president, has ordered military action against Ukraine, sparking panic selling of cryptocurrencies by investors, resulting in the liquidation of up to 162,458 traders.

Over the last week, the prices of Bitcoin and Ethereum have dropped by 20% and 22%, respectively, due to rising worries of a Russian invasion of Ukraine.

Following Putin's speech, cryptocurrency values plummeted; according to TradingView figures, the price of Bitcoin (BTC) on Coinbase plunged to a local low of $34,322. However, at the time of writing, Bitcoin (BTC) was trading at $35,930, down 6% in the previous 24 hours.

According to Coinmarketcap, up to $530 million has been liquidated from the crypto market in the last 24 hours as a result of the incident, putting the global market cap at $1.62 trillion.

However, Vitalik Buterin, the co-founder of Ethereum and a Russian, expressed his disappointment that President Putin had abandoned the diplomatic approach. He described the operation as a "crime against the people of Ukraine and Russia." He made a point. "I want to wish everyone safety and security, even though I know there won’t be.”

"Reminder: Ethereum is neutral, but I am not" He further added.

There have been various comments by world leaders and other influential people around the world, in fact, some nations like Nigeria are already making plans for Aircraft to pick up their citizens.

All crypto enthusiasts are also looking forward to a positive change in the market