Bitcoin suffers its worst drop in four weeks, approaching $40,000.
Bitcoin fell below $41,000 in late trade Thursday, the worst daily drop since Jan. 21.
At the time of writing, BTC was worth $40,983.
“Bitcoin was a victim of a major de-risking environment on Wall Street, as investors see short-term geopolitical risks and potential overly aggressive tightening as a risk to all risky assets,” said Edward Moya, senior market analyst at the foreign-exchange brokerage OANDA.
After a wild week of trading, Bitcoin is down 6.6 percent on the day.
Prior to Thursday’s plunge, the largest cryptocurrency by market capitalization saw its biggest increase in weeks on Wednesday.
Markets are presently assessing rising European tensions as Russia maintains its confrontation with Ukraine.
Other famous cryptocurrencies, including as ether (ETH) and solana (SOL), suffered losses of around 7%.
The price dip brought bitcoin’s losses in 2022 to over 13%.