The start of the Russian war against Ukraine has led to a rapid decline in cryptocurrencies, with Bitcoin dropping to its lowest level in a month.
According to Arabiya Net, Bitcoin lost more than 8.4% of its value, to trade as low as $34,800, while Ethereum - the second largest in terms of market value among the Cryptocurrencies - over 12% to $2,340.
Other cryptocurrencies such as XRP, Cardano and Solana also declined, with rates ranging between 9 and 16%.
Bitcoin's volatility over the past weeks of escalating geopolitical tensions has undermined the argument that cryptocurrencies provide a hedge in times of turmoil. Meanwhile, traditional safe-haven gold on Thursday jumped to its highest level since early 2021, according to Bloomberg.
Conflict and tension between Russia and Ukraine continue to weigh on risky assets.
For his part, Luno's vice president of corporate development for cryptocurrency platform Luno, Vijay May, said this includes Bitcoin and cryptocurrencies that are still currently seen as A high-risk asset class.
He added that the next major level to watch for Bitcoin would be from $28,000 to $29,000, and if that boundary was breached lower, prices could crash lower. From $20,000.
