The world saw it coming, yet the world isn't prepared for it.
War is never a good thing. When it happens, it will send ripples that can disrupt anything. And in the world of cryptocurrencies, war can affect its price.
Bitcoin is the most popular cryptocurrency.
As soon as Russia started invading Ukraine, the price for the digital coin dropped to below $35,000 for the first time since January.
Since hitting a record high of more than $69,000 in November, the cryptocurrency has lost more than $600 billion in market value.
At the same time, rivals like Ethereum also fell. And this trend also affects other cryptocurrencies and altcoins.
In contrast, the price of gold and oil continued to go up.
When Russian President Vladimir Putin went live on national TV to announce a military operation against Ukraine, claiming that the action was necessary to "defend" the Russian-speaking people living in the country, everyone was bracing themselves.
Especially those in the Ukraine.
It didn't take long until explosions were reported in Kyiv and other parts of Ukraine, including the major cities of Kharkiv, Odesa, and Dnipro, as well as the city of Mariupol, situated right on the line of contact with Russia-backed separatist forces.
And in terms of cryptocurrencies, a number of Russian-language cryptocurrency outlets in Ukraine was affected.
ForkLog, for example, has been covering the industry news since 2015.
"A significant part of our team are Ukraine nationals, so now we are engaged in ensuring the safety of our employees. This may affect the stability of our operations," said ForkLog CEO Anatoly Kaplan, whose team is based in Ukraine.
"We call for an end to the bloodshed - this is unacceptable in the 21st century. Say 'no' to war!" he added.
Nick Schteringard, ForkLog’s Editor-in-Chief, added that some of his team members are living in the war zone, and are facing direct threats to their lives.
"All this is like some Hollywood movie," he said. "It’s absolutely clear that this man [Putin] is out of his head and has to be stopped. First of all, it’s up to those people living in Russia to go out and protest [against the war]."
"I don’t quite understand people who are now taking to Twitter to post about how the war brings an opportunity to buy the dip,” Schteringard said. "What Bitcoin, what stocks, just wake up, the war is at your doors!"
While prices of the cryptocurrencies rebounded sooner than later, that didn't stop prominent figures in the cryptocurrency community have responded to Russia's invasion of Ukraine, and they said harsh words about it.
"Fuck war," wrote Barry Silbert, CEO of Digital Currency Group, the largest digital asset management company in the U.S.
"If the world gets shittier, people have less free cash," and that they are effectively "selling BTC--along with stocks, etc.--to pay for war," said Sam Bankman-Fried, the CEO of crypto exchange FTX.
War is “really bad for the world,” he added. “Fuck all this price stuff. Go outside and do something nice for someone.”
Ethereum co-founder Vitalik Buterin also took the matter to Twitter, and spoke in his native Russian language to condemn the invasion.
"Very upset by Putin's decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead," wrote Buterin, stressing that Russia's invasion "is a crime against both the Ukrainian and Russian people."
"Glory to Ukraine!” Buterin added, referring to Ukraine’s historical national salute and the official greeting of the Armed Forces of Ukraine.
On the first day of war, at least 40 people have lost their lives.
Following Russia's start of invasion, many people from around the world started donating their Bitcoins to support Ukraine.
According to blockchain analytics firm Elliptic, in just a 12-hour window, nearly $400,000 worth of Bitcoin was donated to Come Back Alive, a Ukrainian non-governmental organization providing support to the armed forces.
Rounds and rounds of cryptocurrencies are also pouring in to volunteer groups working in Ukraine.
Upon receiving the cryptocurrencies, activities in the country have started spending the fund to help equip the Ukrainian army with military equipment, medical supplies, and drones.
The cryptocurrencies are also used to fund the development of a facial recognition app to identify whether a person is a Russian mercenary or spy.
"Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments," said Tom Robinson, Elliptic's Chief Scientist.