Cryptocurrency Prices Fall As Russia Moves Troops Into Ukraine

The price of cryptocurrencies are falling sharply as Russia moves soldiers into Ukraine and the crisis in eastern Europe roils markets around the world.

The price of Bitcoin (BTC) sank as low as $36,370 U.S. in early trading, its lowest level in more than two weeks. The world’s biggest cryptocurrency later pared its losses, last trading down 3% to a price of about $37,500 U.S.

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Other digital coins and tokens also fell sharply, with Ethereum (ETH) falling 4% and XRP Ripple (XRP) sinking 10%.

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Analysts attribute the price drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin has ordered troops into two breakaway regions in eastern Ukraine, moments after declaring them “independent.”

Bitcoin is often promoted as a safe haven asset akin to gold, meaning it should offer a store of value in times of uncertainty.

However, the case for Bitcoin as “digital gold” has broken down as more institutional investors trade it, and the cryptocurrency is becoming more closely aligned with fluctuations in traditional stock markets.

Bitcoin is now 30% below the all-time high above $68,000 U.S. that it reached last November.