Bitcoin down nearly 8%, crypto market loses $220B in 12 hours

Some altcoins see 20% decline in single day

Bitcoin saw its price plummet Thursday nearly 8% while the cryptocurrency market lost around $220 billion in 12 hours, as investors leave risky assets amid Russia starting a military incursion into Ukraine.

Despite bouncing back Wednesday to recover slightly from an 18% loss, Bitcoin dove Thursday with heightened geopolitical risks.

The world’s largest cryptocurrency by market capitalization, sank to $34,350, its lowest since Jan. 24.

It marked as much as a 7.7% decline after it closed the previous day at $37,213. The price of Bitcoin was trading at $35,364 at 1423 GMT.

Ethereum, the world’s biggest altcoin by market value, dove to below $2,303 a 10.7% decline after closing Wednesday at $2,578. It was trading at $2,381 at the time.

Some altcoins saw as much as a 20% decline in half a day.

The cryptocurrency market’s total value plummeted to $1.55 trillion around 0550 GMT Thursday, according to data by digital asset price-tracking website CoinMarketCap.

Almost $220 billion evaporated in 12 hours, as the total value of the crypto market stood at more than $1.76 trillion 1730 GMT Wednesday.


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