Bitcoin has plunged by nearly 11% in a day
Crypto’s latest price crash means an eye-watering $500 billion has now been wiped from the combined crypto market in just one week, reducing it to levels not seen since last summer
Bitcoin led the cryptocurrency market lower on Thursday, following a nosedive of traditional stocks, with investors seeking safer assets as the war between Russia and Ukraine.
The largest cryptocurrency, Bitcoin crashed below $35,000, constituting a loss of value of nearly 11% in a single day. The token has since recovered slightly, but over the past week the top crypto has shed more than 20% of its value.
The price of other major cryptocurrencies also tumbled. The Ethereum exchange rate fell by over 10% to $2,400, and XRP lost over 10% and is now trading at $0.64 per token.
Russian President Vladimir Putin’s announcement of starting a military operation in Ukraine sent global markets plunging into deep red territory.
Putin on Thursday announced a military operation in Ukraine and warned other countries that any attempt to interfere with the Russian action would lead to “consequences they have never seen.”