Bitcoin Price Falls Below $35,000 After Russia Advances into Ukraine: Bitcoin fell below $35,000 Thursday as investors sold risky assets following Russia’s advance into Ukraine.
The world’s largest cryptocurrency by market value fell as much as 8.6% from its 5 p.m. ET level Wednesday, trading at $34,338.57, according to CoinDesk. In recent months, bitcoin’s value has moved more in sync with broader stock markets, because institutional investors view it as a risky asset to hold in times of optimism and sell during periods of uncertainty.
“Today I imagine the markets will open well down, so that correlation is likely to persist,” said Noelle Acheson, head of market insights at crypto lender Genesis Global Trading.
Gold, to which bitcoin is often compared, rallied early Thursday, up 2% to $1,943 per troy ounce.