On Thursday, bitcoin fell to its lowest level in a month after Russian forces launched missiles at numerous Ukrainian cities and landed soldiers on the country’s shore, spurring a sell-off of risky assets.

Bitcoin dropped as much as 7.9% to $34,324, its lowest level since January 24, and was down 4.5 percent at the time of writing. Smaller currencies that usually move in lockstep with bitcoin plummeted as well, with ether shedding as much as 10.8% of its value.

Russia launched an all-out land, air, and sea invasion of Ukraine, the worst attack by one country against another in Europe since World War II and confirmation of the West’s greatest fears.

Following the strikes, the US and its partners would slap “serious penalties” on Russia, according to US Vice President Joe Biden. Josep Borrell, the EU’s foreign affairs leader, has announced the bloc’s strongest financial measures to yet.

As investors sought perceived safe-haven assets, global equities and US government rates plummeted, while the currency, gold, and oil prices soared. European equities fell by 2.6 percent on their own.
“So far, we’ve seen exactly what we expected – BTC and crypto markets following equities,” said Jospeh Edwards, head of financial strategy at crypto business Solrise Group.

“In a crisis, everything tends to correlate, and we’re anticipating something similar here, so things are going to get worse in the following days.”

Following the strikes, the US and its partners would slap “serious penalties” on Russia, according to US Vice President Joe Biden. Josep Borrell, the EU’s foreign affairs leader, has announced the bloc’s strongest financial measures to yet.

As investors sought perceived safe-haven assets, global equities and US government rates plummeted, while the currency, gold, and oil prices soared. European equities fell by 2.6 percent on their own.
“So far, we’ve seen exactly what we expected – BTC and crypto markets following equities,” said Jospeh Edwards, head of financial strategy at crypto business Solrise Group.

“In a crisis, everything tends to correlate, and we’re anticipating something similar here, so things are going to get worse in the following days.”