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Since bitcoin reached a record high of nearly $69,000 in early November, cryptocurrencies have been under pressure. Bitcoin has dropped nearly 50% since then. Bitcoin fell to a one-month low on Thursday, as did other cryptocurrencies such as ether. The drop in cryptocurrency prices coincides with a drop in equity markets following Russia’s military attack on Ukraine. Around 8:38 a.m. ET on Thursday, Bitcoin was down more than 5% at $35,523.99.
Earlier in the morning, the cryptocurrency fell more than 8% to $34,702.18, its lowest level in a month. Ether has dropped more than 8% to around $2,394.80.
Meanwhile Gold prices rose more than 2% on Thursday, reaching their highest level in more than a year, as investors sought safe havens following Russia’s invasion of Ukraine, which could herald the start of a European war.
By 0428 GMT, spot gold XAU= had risen 1.9 percent to $1,943.86 per ounce, its highest level since early January 2021. Gold futures in the United States GCv1 rose 2% to $1,949.20.
Spot silver XAG= increased by 1.6 percent to $24.91 per ounce, platinum XPT= increased by 0.5 percent to $1,097.01, and palladium XPD= increased by 2% to $2,530.42.
So far in February, gold has gained about 8%, putting it on track for its best monthly gain since July 2020.
Global stock markets and US bond yields plummeted, while the dollar and oil prices skyrocketed.
In the last 24 hours, the cryptocurrency market has lost more than $150 billion. The price movements of cryptocurrencies are frequently correlated with those of other risk assets such as stocks.
The United States and the United Kingdom have imposed sanctions on Russian banks, individuals, and the country’s sovereign debt. The European Union will hold an emergency meeting on Thursday and may impose additional sanctions on Russia, according to reports.
Bitcoin could see lows around $30,000, with the key level being the July low of between $28,000 and $29,000.
If bitcoin can hold above that level, it could reach new highs later this year. If the price falls below that level, bitcoin could reach the low $20,000s.
In the last 24 hours, the cryptocurrency market has lost more than $150 billion.
After President Vladimir Putin authorised a military operation in eastern Ukraine, Russian forces fired missiles at several Ukrainian cities and landed troops on the country’s south coast, according to officials and media.
Ukraine’s Foreign Minister, Dmytro Kuleba, said in a tweet that Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes.
Any sanctions imposed by the West will not have the desired effect on Russia. This puts the West on the defensive, which is why gold is rising because it is a true risk-off environment and bitcoin is falling because it is the epitome of volatility.