Bitcoin fell to its lowest in a month Thursday afterVladimir Putin authorized "special military action" in Ukraine.- Investors panicked in reaction to reports of Russian attacks on Ukrainian cities and sold risky assets, an analyst said.
$4 tumbled to its lowest level in a month along with a broad decline in other
Within minutes of Putin's televised $4 against Ukraine, reports of explosions and flares came from at least $4 in the country including its capital, Kyiv.
Bitcoin fell 9% to $34,584 and $4 fell 13% to $2,315, according to data from $4. $4, $4, $4, and avalanche's AVAX each fell more than 15%.
Escalation in Russia and Ukraine's conflict has led to fear in both the stock and
Markets woke up in panic mode as investors reacted to the news overnight, according to Walid Koudmani, chief market analyst at financial brokerage $4. He said his clients are selling out of risky asset classes to buy $4 and the US dollar, which are seen as safer investments at times of uncertainty.
"Investors hate uncertainty and whilst it's inevitable that the West will respond to Russia's aggression, what's unclear right now is by what severity and how the situation could escalate further," he said.
"As a result, investors are seeking asset protection and don't want to take on any risk to their portfolios."
FTX chief executive Sam Bankman-Fried suggested Thursday's decline in cryptocurrencies might be a result of algorithmic trading, a process that makes trade decisions based on pre-determined instructions.
"Fundamental investors look at the situation and are uncertain which direction BTC/USD should move," he said in a $4. "Algorithm followers consult the data."
$4 in recent days as investors assessed conflict in eastern Europe combined with macroeconomic uncertainty.
Will Hamilton, head of trading at Trovio Capital Management, pointed out crypto investors may be seeking out buying opportunities at this time.
The $4 that utilizes a variety of data including volatility, momentum, volume, and media sentiment to identify market risk appetite, retraced to the "Extreme Fear" level on Wednesday, indicating a potential buying opportunity for high conviction participants, he said.
John Warren, CEO of bitcoin miner GEM Mining, agreed that investors should be watching out for good buying opportunities when crypto dips.
Still, large swings in crypto prices recently have undermined the argument that bitcoin is a $4. Safe-haven gold rose 1.6% to $1,942 an ounce on Thursday — its highest since early 2021.
The $4 at Wednesday's close after Ukraine declared a state of emergency and the US warned Russia is on the verge of an attack. A collapse in global stocks accelerated Thursday after Putin announced the military operation in Ukraine's eastern Donbas region. S&P futures were down almost 2% in European trading.
If the situation in Ukraine escalates further, which seems inevitable, bitcoin could tumble below $30,000 as investors seek safe-haven assets, Koudmani said.
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