Bitcoin falls by 8% and other cryptocurrencies plummet as a result of Russia's attack on Ukraine.

Bitcoin (BTC) and other cryptocurrencies plummet as a result of Russia's attack on Ukraine.

  • On Thursday, bitcoin fell to a one-month low, while other cryptocurrencies such as ether plummeted.
  • According to Coinmarketcap data, the entire cryptocurrency market has lost more than $150 billion in the last 24 hours.
  • The decline in cryptocurrency prices coincides with a decline in equity markets following Russia's military attack on Ukraine.

Cryptocurrencies plunged sharply on Thursday following Russia's attack on Ukraine.

According to Coindesk data, bitcoin was down more than 8% at $34,702.18 at approximately 2:25 a.m. ET on Thursday. That was the lowest reading in more than a month. Ether fell more than 12% to $2,325.18.

According to Coinmarketcap data, the entire cryptocurrency market has lost more than $150 billion in the last 24 hours.

BTC fall

Cryptocurrency prices have fallen as global equity markets have fallen in the aftermath of Russia's military attack on Ukraine. According to NBC News, explosions were heard in Kyiv, Ukraine's capital.

The price movements of cryptocurrencies are frequently correlated with those of other risk assets, such as stocks.

"The Russia-Ukraine conflict and tensions continue to weigh on risk assets. This includes Bitcoin and other cryptocurrencies, which are still widely regarded as a high-risk asset class," according to Vijay Ayyar, vice president of corporate development and international at cryptocurrency exchange Luno.

US and UK sanctions have been imposed on Russian banks, individuals, and the country's sovereign debt. The European Union will convene an emergency meeting on Thursday and is expected to announce additional sanctions against Russia.

Since bitcoin reached a record high of nearly $69,000 in early November, cryptocurrencies have been under pressure. Since then, bitcoin has lost nearly 50% of its value.

According to Ayyar, bitcoin could reach lows of around $30,000, with the key level being the July low of between $28,000 and $29,000.

If bitcoin is able to hold above that level, Ayyar believes it could reach new highs later this year. However, if the price falls below that level, he added, bitcoin could move to the low $20,000 range.

Last week, Huobi's CEO told CNBC that a new bitcoin bull market may not occur until late 2024.

Video : Russia Begins Military Operation Against Ukraine

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