The Russian invasion of Ukraine in the early hours of Thursday morning has led to the price of Bitcoin falling below $35,000.
There has been a decline of more than 8% compared to one day prior with CoinMarketCap reporting that Bitcoin was trading at $34,969 as of 1:22 a.m. ET.
Since the high of $68,990 last November, Bitcoin has lost almost half its value as a result of geopolitical tensions, the potential of interest rate hikes by the US Federal Reserve, and curbs by some major economies on digital assets.
Bitcoin is not the only cryptocurrency to have been affected by Russia’s invasion of Ukraine, as Ethereum fell by more than 12% on Thursday, according to CoinMarketCap, whereas dogecoin dropped by more than 14%. Ethereum and dogecoin were last trading at $2,349 and 10 cents respectively.
“Risk assets continue to be weighed down by the Russia-Ukraine conflict and tensions. This includes Bitcoin and cryptocurrencies which are currently still very much viewed as a high-risk asset class,” said Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno.
