The price of the world’s most popular cryptocurrency, Bitcoin, fell further below the $35,000 benchmark following Russia’s attack on Ukraine on Thursday.
Russian forces invaded Eastern Ukraine after President Vladimir Putin of Russia announced he had authorized a “special military operation”.
Bitcoin dropped by nearly 8 percent as of 0900 am Nigerian time on Thursday.
Prices of other cryptocurrencies including Ethereum, BNB, and XRP also dipped by 11.05, 9.83, and 10.39 % respectively.
According to analysts, risk assets would be weighed down by the Russia-Ukraine conflict and cryptocurrencies would be significantly affected because they are still currently viewed as a high-risk asset.
Meanwhile, the prices of oil surged past $100 per barrel for the first time since 2014, following Russia’s military assault on Ukraine.
Russia is the world’s third-biggest oil producer, second-largest oil exporter and second-biggest producer of natural gas and experts are projecting that the impact of the Russia-Ukraine conflicts would be felt globally.
Russia is also the largest supplier of natural gas to Europe, providing about 35 percent of Europe’s gas supply.
According to economists, low inventories and dwindling spare capacity could negatively affect the oil markets resulting in large supply disruptions and a subsequent hike in oil prices.
