Cryptocurrency prices fell today as the Russian president decided to launch a military operation in eastern Ukraine, with bitcoin falling to a one-month low. The world’s largest and most popular cryptocurrency Almost 10% drop to $34,618. The global cryptocurrency market cap today stands at $1.66 trillion, down 7.9% over the past 24 hours.
Russian President Vladimir Putin’s announcement of launching a military operation in Ukraine plunged global markets into the deep red. Putin on Thursday announced a military operation in Ukraine and warned other countries that “he has never seen the consequences” of any attempt to interfere with Russian action.
Ukraine’s Foreign Minister Dimitro Kuleba tweeted that the country’s larger neighbor had “launched a full-scale invasion of Ukraine” and that its cities were under attack.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, also fell by nearly 10% to $2,373. Meanwhile, Dogecoin price was trading more than 12% down at $0.11 while the Shiba Inu also fell by almost 10% to $0.000022. The performance of other coins also fell, with Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot cutting prices by 8-15%.
Bitcoin’s volatility during the escalating geopolitical tensions over the past few weeks has served to undermine the argument that the cryptocurrency offers a hedge in times of trouble. Meanwhile, the traditional safe haven gold on Thursday rose to its highest level since the start of 2021.
Bitcoin fell below the $40,000 level over the weekend and continued to weaken as the Ukraine crisis deepened, undermining the argument that the cryptocurrency is a haven in times of geopolitical turmoil.
(with inputs from agencies)
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