Bitcoin’s peers have also underperformed. Ethereum, the world’s second most valuable cryptocurrency, is down more than 8% in the past 24 hours and is trading at $2,520.
Experts say Bitcoin may not stabilize anytime soon.
“Bitcoin is an unwilling participant in the volatility that hits all risky assets from the Russia-Ukraine tensions,” Edward Moya, chief market analyst at OANDA, wrote in a note last week. “The bitcoin roller coaster ride is not going to end any time soon,” he said.
Investors around the world were nervous this week due to the worsening Ukraine crisis. Russian President Vladimir Putin has ordered Russian forces to join two pro-Moscow breakaway regions in eastern Ukraine after they were recognized as independent states on Monday.
The move to recognize the breakaway territories appears to be the start of a potentially larger military operation targeting Ukraine, nearly a dozen US and Western officials told CNN.
Kazuo Ishiguro is a contributor to OE Mag, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that matter to them. His work highlights relevant stories, emerging trends, and key issues, presenting them in a balanced, accessible, and reader-friendly way.