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Russia-Ukraine crisis: Bitcoin and other cryptocurrencies plummet

The traditional safe haven gold, meanwhile, surged to the highest level since early 2021 on Thursday

Cryptocurrencies
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CryptocurrenciesBitcoin’s swings during the past weeks of escalating geopolitical tensions have undermined the argument that cryptocurrencies offer a hedge in times of trouble

Reuters London
Bitcoin slumped to its lowest in a month on Thursday after Russian forces fired missiles at several cities in Ukraine and landed troops on its coast, sparking a sell-off of riskier assets. Cryptocurrencies extended declines as Russia’s attacks on targets across Ukraine sent risk assets reeling, with Bitcoin slumping to a one-month low.

The largest token fell as much as 8.5 per cent to $34,337 after Vladimir Putin’s push to demilitarize Ukraine started with a barrage of missile attacks on Thursday. Bitcoin is now down about 50 per cent from its all-time high set in November. Second-ranked Ether declined as much

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First Published: Feb 25 2022 | 1:29 AM IST

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