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Bitcoin and other cryptocurrencies experienced heavy swings over the past 24 hours amid Russia’s invasion of Ukraine.
While U.S. President Biden imposed new sanctions on Russia for the attack, Russian airstrikes caused declines across speculative assets worldwide, including cryptocurrencies.
Losing almost 9%, with Bitcoin (BTC) falling as much as 7%, the crypto market capitalization across all cryptos shrank towards $1.5 trillion.
BTC tanked to a low of $34,529 in the early trading hours short after the Russian offensive began, however has since moved back up to $38,638 at the time of writing, according to CoinMarketCap data.
According to independent crypto analyst, Michael van de Poppe, the initial panic seems to be over:
FTX founder and CEO Sam Bankman-Fried, also took to Twitter and explained his view on the recent price volatility of Bitcoin, in times of geopolitical tensions.