Business Standard

Russia-Ukraine crisis: Bitcoin and other cryptocurrencies plummet

The traditional safe haven gold, meanwhile, surged to the highest level since early 2021 on Thursday

Cryptocurrencies
Premium

CryptocurrenciesBitcoin’s swings during the past weeks of escalating geopolitical tensions have undermined the argument that cryptocurrencies offer a hedge in times of trouble

Reuters London
Bitcoin slumped to its lowest in a month on Thursday after Russian forces fired missiles at several cities in Ukraine and landed troops on its coast, sparking a sell-off of riskier assets. Cryptocurrencies extended declines as Russia’s attacks on targets across Ukraine sent risk assets reeling, with Bitcoin slumping to a one-month low.

The largest token fell as much as 8.5 per cent to $34,337 after Vladimir Putin’s push to demilitarize Ukraine started with a barrage of missile attacks on Thursday. Bitcoin is now down about 50 per cent from its all-time high set in November. Second-ranked Ether declined as much

Disclaimer: No Business Standard Journalist was involved in creation of this content

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in