Bitcoin plunged 8% on Wednesday night to as low as $34,778, the lowest level since Jan. 24, as Russian President Vladimir Putin announced a military operation in Ukraine.

The cryptocurrency BTCUSD, -5.04% was recently trading at around $34,915, down about 49% from its all-time high in November. Ether ETHUSD, -8.82% also tumbled to the lowest level in almost a month, recently trading at $2,375, down 10% over the past 24 hours.

Putin claimed in a in a televised address that the special operation comes in response to threats coming from Ukraine. He said Russia doesn’t intend to occupy Ukraine. Explosions were heard in and around Ukrainian cities, and President Joe Biden condemned the attack as “unprovoked and unjustified.”