I retreated Cryptocurrencies Quickly, after Russian President Vladimir Putin’s decision to conduct military operations in eastern Ukraine, the bitcoin currency fell to its lowest level in a month, according to Al Arabiya TV website.
Bitcoin lost more than 8.4% of its value, to trade as low as $34,800, while Ethereum – the second largest market capitalization among cryptocurrencies – fell by more than 12% to $2,340.
Other cryptocurrencies such as XRP, Cardano and Solana also declined, with rates ranging between 9 and 16%.
Bitcoin’s volatility over the past weeks of escalating geopolitical tensions has undermined the argument that cryptocurrencies provide a hedge in times of turmoil. Meanwhile, gold, the traditional safe haven, jumped on Thursday to its highest level since early 2021, according to “Bloomberg” and seen by “Al Arabiya.net.”
Conflict and tension between Russia and Ukraine continue to weigh on risky assets.
Read also | Cryptocurrencies lose $110 billion due to global tension
For his part, the Vice President of Corporate Development at Luno cryptocurrency platform, Vijay May, said that this includes Bitcoin andCryptocurrencies which is still currently viewed as a high-risk asset class.
He added that the next major level to watch for Bitcoin will be from $28,000 to $29,000, and if that boundary is breached lower, “prices could collapse below $20,000.”