LONDON: Bitcoin tumbled 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.
Bitcoin slumped as much as 7.9% to $34,324, its lowest since Jan. 24, and was last trading down 5.3%. Smaller coins that typically move in tandem with bitcoin also fell, with ether losing as much as 10.8%.
Russia's President Vladimir Putin authorised what he called a special military operation in the east.
The United States and its allies will impose "severe sanctions" on Russia after the attacks, US President Joe Biden meanwhile said.
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Global stocks and US bond yields dived, while the dollar, gold and oil prices rocketed higher as investors scrambled for perceived safe-haven assets. European stocks alone plunged 3%.
While cryptocurrency proponents say bitcoin acts as a safe haven from geopolitical tensions, it often moves in tandem with other risk-on assets. Its fall on Thursday took losses since hitting a record of $69,000 in November past 50%.
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