Topline
The price of bitcoin dropped below $35,000 for the first time since January on Thursday as Russia began its military operation in Ukraine, a selloff that some analysts have previously warned could continue to worsen until tensions subside in eastern Europe.
Bitcoin fell below $35,000 for the first time in several months.
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Key Facts
The price of the world’s most valuable cryptocurrency has slumped more than 7% since Wednesday evening (more than 9% in the previous 24 hours) dropping to about $34,763 by 11.50 pm ET before climbing back over $35,000 after midnight.
Since hitting a record high of more than $69,000 in November, the cryptocurrency has lost more than $600 billion in market value.
Ethereum, the world’s second largest cryptocurrency has taken an even bigger hit losing more than 12% in the past 24 hours.
In contrast, the price of oil continued to shoot up with Brent crude futures jumped more than 4.5%, crossing $100 per barrel for the first time since 2014.
Key Background
Thursday’s slump comes after major volatility in the price of the cryptocurrency which has hovered around $40,000 in the past few weeks amid threats of a Russian invasion of Ukraine. Early on Thursday, Russian President Vladimir Putin ordered a “special military operation” in Ukraine opening the door for a full-fledged military invasion of its eastern neighbor. These moves have also led to sharp dive in global stock indexes while commodities like precious metals have rallied.
Further Reading
Bitcoin Tumbles As Crypto Market Plunge Erases $150 Billion—But ‘Worst May Be Ahead’ (Forbes)
