Russian President's Statement On 'Increasing' Threat Of Nuclear War Sends Crypto Market Fumbling

The cryptocurrency industry is still bleeding from the implications of the epic collapse of the crypto empire FTX, and Bitcoin and Ethereum are just starting to climb back from a much higher price level. But it looks like a recent statement from Russian President Vladimir Putin about the "increasing" threat of nuclear war has once again sent waves of fear in the crypto market.

Putin provided an update on the ongoing war between Russia and Ukraine in a televised Human Rights Council meeting held Wednesday. The leader of the transnational country underlined that its own nuclear arsenal is purely the country's defensive measure, shooting down speculations that Russia has "gone mad."

"The threat of nuclear war is increasing, but Russia will not use the nuclear weapons first, however, it will not use the nuclear weapons second, because it will not be possible after [the] nuclear strike on Russia," Putin said, as per the translation provided by Liveuamap.

About the use of nuclear tactical weapons, the Russian president reportedly put the blame on the "Americans, who have nuclear weapons in other countries," noting that "Russia is not going to deploy tactical weapons in other countries."

Using his preferred term for the invasion of Ukraine that started in February, Putin mentioned that "as for the duration of the special military operation, well, of course, this can be a long process," Reuters reported.

"We haven't gone mad, we realize what nuclear weapons are," the Russian leader added, as per the outlet. "We have these means in more advanced and modern form than any other nuclear country ... But we aren't about to run around the world brandishing this weapon like a razor."

Following Putin's statement, Bitcoin traded at $ 16,807, a meager 0.47% dip from its price of $16,885 a few hours before the Human Rights meeting. Ethereum also saw a similar dip and traded down 0.53% at $1230.49 from $1,230.49.

Both crypto assets have slowly recovered from the fumble as of 4:20 a.m. ET on Thursday. Bitcoin was trading up 0.15% at $16,833.54 with a 24-hour volume of $17,260,642,258. Ethereum was also trading up 0.28% at $1,233.20 with a 24-hour volume of $4,645,329,414, based on the latest data from CoinMarketCap.

The crypto market has been forging under a bitter environment since May after Terra's implosion. The bear market later witnessed yet another crypto collapse, and it was triggered by FTX, which filed for bankruptcy of its over 100 affiliates.

Many countries in various parts of the world are currently facing recession, with some experiencing never-before-seen inflation levels, and nuclear war is the least anyone would want.