Bitcoin slumps below $35,000 after Russia-Ukraine attacks

The price of Bitcoin, the world’s most popular cryptocurrency, fell further below the $35,000 benchmark on Thursday after Russia launched an attack on Ukraine.

Russian forces attacked Ukraine after President Vladimir Putin announced he had authorised a “special military operation” in the country’s east.

In less than 24-hour, Bitcoin dipped by nearly 8 per cent to $ $35,288.31 at around 08:57 am Nigerian time on Thursday, data from Coinmarketcap showed.

That was the lowest level in a month. Ether plunged more than 12% and was trading at $2,325.18.

Within the past 24-hour, Bitcoin touched an intraday low of $34,459.22 and oscillated to a high of $39,122.39 on Thursday.

By this, Bitcoin has slumped by 49.38 per cent after it touched an all-time high of $68,789.63 on November 3, 2021.

Other cryptocurrencies too

Prices of Ethereum , BNB and XRP also plummeted by 11.05, 9.83 and 10.39 per cents respectively.

Over $150 billion has been wiped off the entire cryptocurrency market in the last 24 hours, according to Coinmarketcap data.

The dip in cryptocurrency prices became significant as global equity markets tumbled following Russia’s military attack on Ukraine.

“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,” CNBC quoted Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno to have said.

Mr Ayyar said that bitcoin could see lows at around the $30,000 mark with the key level being the low of between $28,000 and $29,000 seen last July.

“If bitcoin manages to hold above that, then it could move to new highs later this year, ” he said, adding that if the price falls below that, then bitcoin could move to the low $20,000 mark.