Bitcoin and other cryptocurrencies sink on mounting Russia-Ukraine tensions

Bitcoin and other cryptocurrencies sink on mounting Russia-Ukraine tensions

Digital currencies took a beating Tuesday as geopolitical tensions over Ukraine roiled global markets. sank as low as $36,370 in early morning trade, its lowest level in more than two weeks. The world's biggest cryptocurrency was last trading down 6% in 24 hours to a price of $36,818. Other digital assets also tumbled, with falling 8% and sinking 15%. Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin on Monday in eastern Ukraine, moments after declaring them as independent. The move has fueled fears of a full-blown invasion, sending global stocks sharply lower as traders' appetite for risk declines. Bitcoin is often touted by its proponents as a safe haven asset akin to gold, meaning it should offer a store of value in times of uncertainty. However, the case for bitcoin as a sort of "digital gold" has broken down as more institutional investors have started to trade it, and the cryptocurrency is becoming more closely aligned with fluctuations in traditional markets like equities. Bitcoin is now well below the all-time highs above $68,000, which it reached in November 2021, and some investors believe this is as good as it's going to get for