- Vitalik Buterin has distanced his personal views from the Ethereum blockchain.
- The Ethereum co-founder has thrown his support behind Ukraine.
- The crisis between Russia and Ukraine has been driving the market drop.
Many crypto market participants have been weighing in on the tension between Ukraine and Russia. The co-founder of Ethereum, Vitalik Buterin, has stated that his personal opinions have no connection to the position of Ethereum in the ongoing crisis.
“Ethereum is neutral”
In a tweet today, Buterin, who is a Russian national, stated that while the Ethereum blockchain is neutral, he is not.
Buterin has also denounced the actions of Russia, throwing his support behind Ukraine. In a tweet in Russian, Buterin stated that he is upset by Vladimir Putin’s decision to abandon the peaceful resolution of the dispute. He adds that the move will only result in a situation where nobody will have security.
Buterin has been very vocal about the situation. Earlier this month, he warned that an attack on Ukraine can only harm Russia, Ukraine, and humanity.
Russia’s war on Ukraine tanks global markets
The global markets have reacted strongly to Russia’s announcement of carrying out “special military operations” in Ukraine. After news broke that Russia had begun launching attacks across Ukraine, the market dip escalated.
Over $300 billion has been wiped off the crypto market cap which has dropped around 10.6% on the day, now standing at $1.5 trillion.
Bitcoin, the benchmark cryptocurrency, dropped significantly. Bitcoin (BTC) is trading at around $35,343, down 9.64% in the last 24 hours. Bitcoin even reached an intra-day low of $34,522.
Ethereum (ETH) is also down 13.2%, trading at around $2,400. Among the other top 10 cryptocurrencies by market cap, Cardano (ADA) saw the biggest percentage loss with a 17.8% drop. BNB, XRP, and LUNA are down 12.4%, 13.6%, and 8.29% respectively.
Meanwhile, stablecoins including Tether (USDT), Binance USD (BUSD), and USD Coin (USDC), saw their values appreciate slightly on the day. Trading volumes of stablecoins have been going through the roof as safe-haven demand soared.
Outside the crypto market, the stock market has also crashed while oil prices have been on the rise. The Guardian reports that Russian stock markets have fallen to the lowest level since 2016. The report adds that oil price has risen from $60 per barrel to over $100 per barrel.
“…The dollar-denominated RTS index plunged 31%, while the rouble-denominated Moex index lost 27%,” the report noted.
Similarly, markets in the US have been confirming downward corrections. The S&P 500 closed at more than 10% from its January 3 high.