Bitcoin has fallen below $38,000, while Ether, Dogecoin, and Shiba Inu have also fallen.

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As major virtual currencies suffered steep losses during the past 24 hours, the cryptocurrency market capitalization fell below the $2 trillion barrier

Even though news reports suggested that Russians and Ukrainians were rushing to virtual currency assets as a result of Western sanctions on financial institutions, the value of cryptocurrencies fell on Monday despite this.

The growing conflict between Russia and Ukraine sent cryptocurrency values plummeting on Monday. Bitcoin, the world's most valuable cryptocurrency, has fallen below $38,000.

According to CoinDesk data, at 9:41 a.m. EST, the cryptocurrency was trading at $37,808, down 2.84 percent. 2022 has seen a decline of about 17% in Bitcoin's value so far, and it has fallen by over 30% from its all-time high of $69,000 in November of last year.

The value of the cryptocurrency market has fallen below the $2 trillion level in the last 24 hours, as major virtual currencies have lost significantly.

At 9:50 a.m. ET, the second-largest cryptocurrency, Ether, was trading at $2,538. Dogecoin, the meme cryptocurrency, was down 3.6% to $0.12, while Shiba Inu was down 3.41% to $0.000023. Solana, a cryptocurrency that drew a lot of attention from investors last year, has lost 5.62 percent of its value to $82.39.

Other cryptocurrencies, including as Litcoin, XRP, Chainlink, Cardano, Polygon, Stellar, Internet Computer, and Avalanche, were all trading in the negative range..

Even as news sources suggest that Russians and Ukrainians are fleeing to virtual currency assets because of sanctions imposed by Western countries on financial institutions, cryptocurrency prices fell on Monday.

The geopolitical uncertainty in Eastern Europe sparked a dramatic drop in global equities markets, while gold hit a 19-month high. In the international market, oil prices rose by more than 10%, and the MCX crude March contract touched a 6-percent upper circuit on Monday. As a result, Ethan Harris, BofA's senior economist, predicted that oil prices would rise to $200 a barrel and that global economic growth would be slowed.

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