The price of bitcoin fell below $35,000 early Thursday after Russian President Vladimir Putin announced a military operation in the Donbas region of Ukraine.
Bitcoin was trading at $34,750.15 as of 12:59a ET, according to CoinMarketCap. That’s a decline of more than 8% compared to a day earlier.
The world’s most valuable cryptocurrency fell below $40,000 over the weekend, and has continued to slide as the Ukraine crisis intensifies.
The currency has lost almost half its value since its November high of $68,990 due to geopolitical tensions, the prospect of interest rate hikes by the US Federal Reserve and curbs by some major economies on digital assets.
– CNN Business’ Diksha Madhok contributed to this report