Bitcoin, ethereum and other cryptos plunge as Russia invades Ukraine
Bitcoin fell about 4.5% on Thursday morning before surging to trade 3.2% in the green at $38,500 late Thursday in New York. Meanwhile, ethereum fell 6% to about $2,430 before recovering to be up 2.3% at $2,650 over the same period of time, according to Coinbase data.
Smaller cryptocurrencies took an even wilder ride, with XRP plunging 12.6% before recovering to be down just 1.2%. Cardano fell 9.7% before recovering to just 1.0% in the red, while Soloana was up 1.9% after having plunged 9.0% in the morning. While some supporters of cryptocurrencies argue they can offer gold-like insulation from stock market turmoil, that was not the case on Thursday during the greatest world conflict to erupt since cryptocurrencies were created.on Thursday morning, then recovered along with the rest of the markets.
“Bitcoin is not a hedge against geopolitical risks,” Vienna Institute for International Economic Studies economist Philipp Heimberger
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