After Russian President Vladimir Putin announced his plans to attack Ukraine, the price of bitcoin fell below $35,000.
Bitcoin had an 8% decline; it was trading at $34,969 after midnight Friday, according to CNN.
Bitcoin has been declining steadily in February, over last weekend it fell below $40,000. As the war intensifies between Russia and Ukraine, analysts are projecting that further decline is possible for the cryptocurrency.
In November 2021, bitcoin was valued at $68,990. Market data indicates that the cryptocurrency may struggle to gain half the value of its November high.
According to CoinMarketCap, dogecoin has declined by 14%. The firm indicated that ethereum and dogecoin last traded at $2,349 and 10 cents, respectively.
Even though some financial analysts are projecting that now is a good time to enter the cryptocurrency market, research data shows that investors are hesitant to get in at this time and the trend is likely to continue for the near future.