Bitcoin fell to its lowest level in a month on Thursday after Russian forces fired missiles at several Ukrainian cities and landed troops on its coasts, triggering a sale of riskier assets.
Bitcoin fell as much as 7.9% to $34,324, the lowest since January 24. At 10:15 am (Brasília time), it lost 5.4%, to R$ 35,265 (R$ 180.4 thousand). Smaller coins that normally move in tandem with bitcoin also dropped, with ether losing up to 10.8%.
“We saw what we expected so far — BTC and crypto markets following the stocks,” said Jospeh Edwards, head of financial strategy at cryptocurrency firm Solrise Group.
“All things tend to correlate in crises, and we expect something similar here, so the worst is likely in store for the next few days.”
While cryptocurrency advocates say bitcoin acts as a safe haven from geopolitical tensions, the digital currency often moves in tandem with other risky assets. This Thursday’s fall (24) takes the currency’s losses to more than 50% since it reached a record US$ 69 thousand (R$ 353 thousand) in November.
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