Bitcoin and other cryptocurrencies sink on mounting Russia-Ukraine tensions

[superadmin]

Digital currencies took a beating Tuesday as geopolitical tensions over Ukraine roiled global markets.

Bitcoin sank as low as $36,370 in early morning trade, its lowest level in more than two weeks. The world’s biggest cryptocurrency later pared its losses, last trading down 3% in 24 hours to a price of $37,495.

Other digital assets also tumbled, with ether falling 4% and XRP sinking 10%.

Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions 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.

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