Bitcoin Crashes 8% as Russia Stages Ukraine Attack
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On Thursday morning, Bitcoin fell to its lowest price level in over a month as other cryptocurrencies also plummeted
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Data from CoinMarketCap shows that over $150 billion has been wiped from the market cap of cryptocurrencies
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The drop of cryptocurrency prices coincides with Russia’s attack on Ukraine, which has triggered an equity market tumble
The cryptocurrency market was hit as prices of coins crashed heavily, following Russia’s attack on Ukraine on Thursday morning.
Data from Coindesk shows that Bitcoin fell by more than 8% to $34,702.18, reaching its lowest level in a month.
The second-largest cryptocurrency Ether also crashed by more than 12% to trade at $2,325.18.
Altogether, the cryptocurrency market has lost $150 billion in market cap in the last 24 hours, according to CoinMarketCap.
The drop in cryptocurrency prices follows a tumble in the global equity market after Russia staged a military attack on Ukraine. According to BBC, explosions were heard in Kyiv, the Ukrainian capital.
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Experts have suggested that high-risk cryptocurrencies may be weighed down by the Russia-Ukraine conflict and tensions.
Cryptocurrencies have been under pressure since flagship crypto bitcoin hit an all-time high of $69,000 in early November. Since then, bitcoin has fallen nearly 50%.
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