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Cryptocurrency prices today dropped as Russian President decided to conduct military operations in eastern Ukraine, with Bitcoin slumping to a one-month low. The world's largest and most popular cryptocurrency plunged about 10% to $34,618. The global cryptocurrency market cap today is $1.66 Trillion, down 7.9% in the last 24 hours.

Russian President Vladimir Putin's announcement of starting a military operation in Ukraine sent global markets plunging into deep red. Putin on Thursday announced a military operation in Ukraine and warned other countries that any attempt to interfere with the Russian action would lead to "consequences they have never seen."

Ukraine’s Foreign Minister Dmytro Kuleba tweeted that the country’s larger neighbor had “launched a full-scale invasion of Ukraine" and that its cities were under attack.

Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also tanked about 10% to $2,373. Meanwhile, Dogecoin price were trading over 12% lower at $0.11 whereas Shiba Inu also fell about 10% to $0.000022. The performance of other coins also plummeted as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with cuts in the range of 8-15%

Bitcoin’s swings during the past weeks of escalating geopolitical tensions have served to undermine the argument that cryptocurrencies offer a hedge in times of trouble. The traditional safe haven gold, meanwhile, surged to the highest level since early 2021 on Thursday.

Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil.

(With inputs from agencies)

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