The price of bitcoin continued to fall as global markets reacted with alarm to the expanding scale of war in Ukraine as missiles continue to reign down on its capital city in Kyiv and its airport was captured by airborne troops.
BTC was down 9% to $34,555 as of the time of this writing, according to CoinGecko data.
Russian President Russian President Vladimir Putin called on Ukrainian forces to surrender, and warned the U.S, and NATO from getting involved.
"Anyone who tries to interfere with us, or even more so, to create threats for our country and our people, must know that Russia’s response will be immediate and will lead you to such consequences as you have never before experienced in your history,'' Putin said. “We are ready for any turn of events.”
The US and its allies are expected to hit Russia with a broad sanction package in the coming hours. These sanctions are expected to target Russian banks, Putin's cabinet, and circle of business associates but are not expected to cut Russia off from the global financial system.
Russia's former Prime Minister, Dmitry Medvedev, has previously said that disconnecting Russia from SWIFT would be a declaration of war.
However, Presidential spokesman Dmitry Peskov has backed down from language calling a potential disconnection a "serious threat" in response to a non-binding resolution passed by the European Parliament in April that called on Russia's expulsion from SWIFT should an invasion take place.
Russia has pushed ahead with the development of a central bank digital currency as an apparent contingency should it lose access to SWIFT.
Within Asia, market reaction was cautious but major stock indices on the continent are in the red.
Tokyo's Nikkei 225 index is down 2% on-day, while Hong Kong's Hang Seng is down 3.3%. In Taiwan the TAIEX is down 2.5% while Singapore's Straits Times Index is down 3%.
CNN has reported that Moscow's stock exchange has suspended trading until further notice.