Oyogist has learned that the price of Bitcoin fell below US$35,000 for the first time since July 2021 as Russia continues its military campaign in Ukraine.
Some analysts predict that the price could further reduce drastically before tensions in Eastern Europe subside.
At one point, Bitcoin prices fell to US$34,763, a drop of more than 7%, before bouncing back above the US$35,000 mark.
Meanwhile, Edward Moya, a senior market analyst with OANDA, said that Bitcoin had held up nicely as the crisis between Russia and Ukraine intensified.
“Many crypto investors have been humbled by the last crash and while they will remain patient and will wait for their existing positions to turn positive, they are hesitant to increase holdings given the tremendous uncertainty for risky assets, he said Further.
Global oil prices, on the other hand, continues to rise, with Brent crude futures jumping up more than 4.5% and topping US$100 a barrel for the first time since 2014.
