Bitcoin and other cryptocurrencies fall on mounting Russia-Ukraine tensions

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Digital currencies fell on Tuesday as geopolitical tensions over Ukraine roiled global markets.

Bitcoin was last down about 0.5% at $38,011.54. The cryptocurrency sank as low as $36,370 in early morning trade, its lowest level in more than two weeks.

Cryptocurrencies across the market also pared back steeper losses from earlier in the day. Ether lost 1.4%, while Cardano’s ADA fell 4.3% and XRP slid 6.9%.

Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions in eastern Ukraine, moments after declaring them as an independent.

The move has fueled fears of a full-blown invasion, sending global stocks sharply lower as traders’ appetite for risk declines