The price of bitcoin fell sharply early Thursday as reports spread of an intensifying attack by Russian forces in Ukraine.
According to market data, the price of bitcoin was trading just below $37,000 when media reports and social media postings began to spread, with videos depicting missile attacks, including on the main airport in the Ukrainian capital of Kyiv. Russian Vladimir Putin announced a "special military operation" in the country, prompting a flurry of condemnations from world leaders including US president Joe Biden. Thursday's news followed an extended period of heightened tensions between Russia, Ukraine and members of the North Atlantic Treaty Organization (NATO), including the US.
The price of bitcoin hit a local low of $34,322 on Coinbase, according to data from TradingView. At time of press, the price of bitcoin has recovered somewhat from the low, trading at roughly $35,300.
Stock indices in Asia also tumbled and US markets futures indicate sharp declines at Thursday's start of trading. The price of oil also jumped on the news of the Russian attacks.