Bitcoin plunged 12% on Thursday as Russia launched an invasion of Ukraine — with explosions heard in multiple cities, and thousands attempting to flee the capital.
CoinMarketCap data shows the world's biggest cryptocurrency fell to lows of $34,459.22 — significantly below the high point of $39,122.39 that was recorded on Wednesday.
Smaller cryptocurrencies suffered even larger double-digit losses. Ether, Binance Coin and XRP are all down by about 13% over 24 hours. Other altcoins — Cardano, Avalanche, Dogecoin and Polkadot among them — have fallen 17%.
Global stock markets have also been sinking — with the tech-heavy Nasdaq 100 now on the brink of officially entering a bear market. On the flipside, the price of oil has surged — with gold outperforming as investors seek safety.
There are a few takeaways here. The first is that Bitcoin appears to be performing more like a tech stock than a safe haven right now — further diminishing the narrative that BTC is a form of digital gold.
A surge in oil prices could also contribute to concerns over spiraling inflation, not least because it could translate to higher energy bills and more pain at the petrol pumps. However, it's unclear whether the ever-worsening crisis would prompt the Federal Reserve to delay interest rate rises that had been planned to commence next month.
CoinMarketCap data shows the world's biggest cryptocurrency fell to lows of $34,459.22 — significantly below the high point of $39,122.39 that was recorded on Wednesday.
Smaller cryptocurrencies suffered even larger double-digit losses. Ether, Binance Coin and XRP are all down by about 13% over 24 hours. Other altcoins — Cardano, Avalanche, Dogecoin and Polkadot among them — have fallen 17%.
Global stock markets have also been sinking — with the tech-heavy Nasdaq 100 now on the brink of officially entering a bear market. On the flipside, the price of oil has surged — with gold outperforming as investors seek safety.
There are a few takeaways here. The first is that Bitcoin appears to be performing more like a tech stock than a safe haven right now — further diminishing the narrative that BTC is a form of digital gold.
A surge in oil prices could also contribute to concerns over spiraling inflation, not least because it could translate to higher energy bills and more pain at the petrol pumps. However, it's unclear whether the ever-worsening crisis would prompt the Federal Reserve to delay interest rate rises that had been planned to commence next month.