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Bitcoin Extends Losses as Global Risk Asset Selloff Intensifies

  • The appeal of cryptocurrencies as a refuge faces test
  • U.S. equity markets tumble as war pushes crude oil higher
Updated on

Bitcoin fell below $38,000, touching its lowest price in a week, as global markets tumbled on concerns that spiraling commodities prices unleashed by Russia’s invasion of Ukraine may have a wider and longer-lasting impact than previously thought.

The largest cryptocurrency dropped as much as 4.8% in New York trading hours. Ether, on the other hand, declined as much as 7% to trade at its lowest since Feb. 24. Other popular tokens such as Solano, Cardano and Avalanche tumbled.