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Bitcoin falls 12% as the Russian ruble all-time low

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The ruble surges past 87 to the dollar early Thursday as events in Ukraine deteriorate; the price of bitcoin plummets. Bitcoin (BTC) dropped to $34,300 overnight on February 24 as geopolitical tensions in Europe erupted. Russia had launched a “special military operation” in Ukraine sent BTC/USD tumbling along with traditional markets.

At the time of writing, reports of a feared three-pronged attack on Ukraine were pouring in, catching markets off guard, with the West already promising harsher sanctions as a result. Bitcoin, already trading in line with stocks rather than acting as a haven, displayed its uncertainty, falling more than 12.2 percent from Wednesday’s local highs to $34,300.

Asian stocks were already under pressure, with Hong Kong’s Hang Seng index falling 3.5 percent and Japan’s Nikkei hitting a 15-month low.

While traders awaited the full impact on European and US stock markets, Bitcoin market participants considered what the geopolitical events might mean for the most prominent cryptocurrency.

BTC/USD was attempting to recoup some of its lost ground at the time of writing, has so far remained above January’s low of $32,800.

The USD/RUB pair closed at 87 on Thursday, closing at 80 the day before. MOEX Group, the company that runs the Moscow Stock Exchange, has halted trading.

Consumer exchange rates were much more volatile, with indices showing 115 rubles or more per dollar for those looking to purchase USD on the open market. On February 22, Ether (ETH) bounced off psychological support at $2,500. The bulls have pushed the price above the $2,652 breakdown level, indicating strong buying at lower levels. Buyers will now attempt to make the price above the moving averages.

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