Bitcoin and Crypto Crash After Russian Attack in Ukraine

SKIP TO MAIN CONTENT TheStreet home INVESTING Smart Investor Subscribe HOME INVESTING CRYPTOCURRENCY HERE'S HOW CRYPTO WAS IMPACTED BY UKRAINE CRISIS Bitcoin and Crypto Crash After Russian Attack in Ukraine The most popular of cryptocurrencies fell to its lowest level since July, dragging in its wake the entire market. LUC OLINGAFEB 24, 2022 12:35 AM EST The Russian attack in Ukraine on the night of Wednesday to Thursday slammed the market for cryptocurrencies, which are considered high-risk assets. Bitcoin fell 10% to $35,035.52 at the time of writing, according to data collected by the firm CoinGecko. The king of cryptocurrencies is seeing some of its lowest prices since July 20, when its price fell below $30,000. Bitcoin has lost 49.3% of its value since November 10, when the cryptocurrency reached a record high of $69,077.44. Russian military units invaded Ukraine overnight after months of threats and failed attempts at a diplomatic resolution, roiling global financial markets. Ethereum, the second crypto by market value, collapsed 14% to $2,346.62. It has lost 51.9% since its November 10 high. Ethereum was at its lowest since July 19, when its prices fell to $1,824.93. TheStreet Recommends Other digital currencies were also down sharply, with falls ranging from 10% to 21% for those considered viable. Solana lost 13.4% to 80.05 dollars, Avalanche 19.7% to 65.62 dollars. Meme coins were also suffering: dogecoin, billionaire Elon Musk's favorite crypto was down 18.1%, while rival Shiba Inu dropped 20.3%. The crypto market was valued at $1.64 trillion, down $1.4 trillion from the $3.01 trillion cross in November. The market has lost 11% of its value in the last 24 hours. While cryptocurrencies have been touted as an alternative safe-haven investment to gold during times of geopolitical stress, they have failed to serve that role during the ongoing Ukrainian crisis. As Russian troops entered Ukraine overnight, gold traded at some of its highest prices since July of 2020. Other commodities surged as well, with Brent crude oil topping $100 a barrel, and West Texas intermediate up more than 4% and trading above $96 a barrel. ETHEREUMTECHNOLOGYBITCOINSTOCKSCRYPTOCURRENCY BY LUC OLINGA SEE MORE TheStreet Terms Of Use Reviews Privacy Policy Advertise Market Holidays Customer Service Data Topic Dictionary Subscriptions © 2022 TheStreet, Inc. All rights reserved. Action Alerts PLUS is a registered trademark of TheStreet, Inc.