The price of Bitcoin (BTC) has fallen to a weekly low of $38,000 U.S. as global stock markets continue to fall.
Altcoins are also in the red, with Ethereum (ETH), the second biggest cryptocurrency, down to $2,500 U.S. and SOL losing more than 5% of its value.
A week ago, Bitcoin initiated an impressive leg up that resulted in a $6,000 U.S. price surge in a few days after Western powers said they will not get directly involved in the war between Russia and Ukraine.
This resulted in a price increase towards $45,000 U.S. and even slightly above that level, which was a three-week high. However, Bitcoin’s trajectory has now reversed.
Bitcoin is once again below $40,000 U.S. on continued market turmoil caused by Russia’s ongoing attack in Ukraine. In the past 24 hours, the asset attempted to challenge that level but was unable to do so.
Consequently, Bitcoin fell to a weekly low of $37,500 U.S. before recovering several hundred dollars to trade right around $38,000 U.S.
