Cryptocurrency prices plunge as Ukraine crisis intensifies
CBSN
The price of major cryptocurrencies is slumping as the conflict between Russia and Ukraine escalates. Bitcoin fell to $36,370 on Tuesday after being as high as $44,125 a week ago, while other popular digital coins, including ethereum, pipple and solana, have also tumbled recently.
Analysts said the declines show that cryptocurrencies are a poor choice for investors seeking stability in periods of market turmoil, in contrast to traditional hedges against risk like gold and U.S. Treasury securities.
"Bitcoin's safe haven narrative has almost completely fallen apart as the rising possibility of military conflict and the worsening U.S.-Russia relationship puts the wider financial market in risk-aversion mode," Yuya Hasegawa, a crypto market analyst for Bitbank in Japan, said in a research note.
