Bitcoin and other major cryptocurrencies have been under pressure this week as tensions between Russia and Ukraine have risen and investors have shied away from riskier assets.
Investors across the world have been unnerved this week by the deepening Ukraine crisis. Russian President Vladimir Putin has recognized two self-proclaimed separatist regions in eastern Ukraine independent which intensified the market anxieties.
According to Coingecko, Bitcoin, the world’s most valuable cryptocurrency, fell to a more than two-week low trading at $34,916 down nearly 8% in the previous 24 hours after Russian President Vladimir Putin’s announcement. He announced a “special military operation” in the Donbas region to complete the “demilitarization” of Ukraine.
Bitcoin’s peers have fared poorly as well. Ethereum, the world’s second most valuable cryptocurrency, has declined by more than 10% in the last 24 hours while Dogecoin slid about 14%. The overall crypto market cap has dropped 9% to $1.4 trillion.
Energy prices have risen in response to the uncertainty surrounding Ukraine. Russia is one of the world’s largest oil producers. It is also a major natural gas exporter.
Oil just hit $100 a barrel.
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