Cryptocurrencies are down sharply on news that the Russian military has launched attacks on Ukraine.
Bitcoin (BTC) is down more than 8% to about $34,700.00 U.S., according to Coindesk data. That’s the lowest level for the biggest cryptocurrency in a month. Ethereum (ETH), the second largest digital token, has plunged more than 12% and is trading around $2,300.00 U.S.
In all, more than $150 billion U.S. has been wiped off the entire cryptocurrency market in the last 24 hours, according to Coinmarketcap data.
The drop in cryptocurrency prices comes as global equity markets plummet following Russia’s military attack on Ukraine. Cryptocurrency price moves often mirror the movements in other assets such as stocks.
The U.S. and the United Kingdom have each slapped sanctions on Russian banks, individuals and the country’s sovereign debt. The European Union will hold an emergency meeting later today (February 24) and could implement further sanctions on Russia.
Cryptocurrencies have been under pressure since Bitcoin hit a record high of nearly $69,000 U.S. last November. Since then, Bitcoin’s price has fallen nearly 50%.
