Bitcoin price dropped to $34,000 during Thursday morning trading in the EU following news that Russia declared a military operation in Ukraine. The move followed the broader market decline as major indices such as the S&P 500, NASDAQ 100, Dow Jones Industrial Average and others saw their futures prices sink.
Bitcoin price hits $34,000
As CryptoPotato reported earlier today, the price of bitcoin dropped to a low of just over $34,000 (on Bitstamp) during this morning’s trading session.
This came after the news that Russia declared a military operation in Ukraine. There were reports today of explosions in various military zones in Ukraine when the country’s President – Volodymyr Zelensky said that “Putin launched a full-scale invasion of Ukraine”.
The country’s leader further clarified that the attacks were carried out against military headquarters, warehouses and airfields in Kharkiv, Dnipro and even Kiev.
The news has put cryptocurrency markets in the red as total capitalization has lost around $180 billion, while most coins are posting double-digit declines in the last 24 hours.
Source: Quantify Crypto
Traditional markets in Shambles
Global stock index futures are also taking a hit – somewhat to be expected. The S&P 500, Nasdaq 100, as well as Dow Jones Industrial Average futures prices are down more than 2% at the time of writing.
An hour before the opening bell of the London Stock Exchange, FTSE 250 futures prices also fell by 2.6%.
Meanwhile, the price of gold has skyrocketed to $1,944 at the time of writing – up 1.8% on the day and 2.4% last week, in a clear non-correlation with Bitcoin, putting the latter’s narrative of be an effective hedge against turmoil in the traditional markets in question.
SPECIAL OFFER (sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to receive up to $7,000 on your deposits.