Bitcoin Plunges Below $35,000 As Russia-Ukraine Conflict Triggers Panic In Cryptocurrency Market

Cryptocurrency Market: Bitcoin prices plunged nearly 9 per cent, slipping to one-month low of $35,000, reports said.

Top cryptocurrencies like Bitcoin, Ether, Cardano, Solana were in the red (Getty Images)

New Delhi: Top cryptocurrencies like Bitcoin, Ether, Cardano, Solana were in the red as Russian forces launched a major military offensive on Ukraine on Thursday, with reports of missile strikes and explosions in major cities.

Bitcoin prices plunged nearly 9 per cent, slipping to one-month low of $35,000, according to Coindesk data. The second-largest cryptocurrency, Ether, was trading at $2,339, down over 12 per cent.

While Dodgecoin was down by over 12 per cent, Shiba Inu fell by over 10 per cent. Polkadot fell by over 10 per cent, and Polygon dropped by over 12 per cent. XRP was down by over 9 per cent, reports said.

READ | Crude Oil Price Hike: Global Oil Prices Breach $100 Mark For First Time Since 2014

As per Coinmarketcap data, more than $150 billion has been wiped off the entire cryptocurrency market in the last 24 hours. The drop in cryptocurrency prices comes as global equity markets tumble following Russia's military action against Ukraine.

A report in the NYT said Russia might use cryptocurrencies to blunt the impact of sanctions imposed on it by Western powers through bypassing control points. It may also ink deals with anyone globally working with them via digital currencies, the report said.

The Russian government has started creating its own central bank digital currency. The central bank's digital currency can be used to trade with countries who are willing to accept it without converting it into dollars, the NYT report further said.

Meanwhile, the global benchmark Brent crude oil futures on Thursday breached $100 per barrel mark for the first time since 2014 on the back of military operations launched by Russia against Ukraine.

The move has sparked fears that a war in Europe could disrupt global energy supplies. Brent crude hit a high of $101.34 a barrel in early Asia trade, the highest since September 2014, according to Reuters.