As geopolitical tensions in Ukraine rocked global markets, digital currencies suffered a setback Tuesday.

BitcoinThe price fell as low as $36,370 early in the morning, which is its lowest in two weeks. In the last 24 hours, the world’s largest cryptocurrency fell 6% to $36,818.

The decline of other digital assets was also evident. etherFalling 8% XRPSucking 15%

Analysts blame the fall on the intensifying tensions surrounding the Russia-Ukraine crise. Russian President Vladimir Putin Monday ordered troops into two breakaway regionsIn eastern Ukraine, just moments after they declared them independent.

Fears of an invasion have been fuelled by the move, which has sent global stocks down sharply as risk appetite declines.

Bitcoin advocates often refer to it as a secure haven asset that is similar in value to gold. This means it can be used during times of uncertainty.

Bitcoin’s status as “digital Gold” is now a question. More institutional investors are trading it and bitcoin’s price movements have become more aligned to fluctuations in other markets, such as stocks.

Bitcoin now stands at $68,000 below its all-time peak, reached in November 2021. Some investors feel that this is the best Bitcoin has seen for a while.

Du Jun, the co-founder and chief executive of Huobi crypto exchange, stated that the next bull market in bitcoin will not take place before 2024, the year when the “halving” event takes place.

Du explained that the next bitcoin bull market will not begin until after this cycle.

Bitcoin halving lowers rewards for miners who verify transactions. This effectively reduces the availability of coins.