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On Tuesday morning, BTC fell to $36,370, its lowest level in more than 2 weeks, amid escalating tensions over the Russian-Ukrainian crisis that have roiled the global market, writes CNBC.

A little later, the world's largest cryptocurrency by capitalization cut its losses and last traded down 3% to $37,495. Other digital assets also fell, with Ethereum down 4% and XRP down 10%.

According to analysts, the fall of cryptocurrencies - the main risky assets - is associated with an escalation of tension in the Russian-Ukrainian crisis after Russian President Vladimir Putin recognized the independence of two self-proclaimed republics in eastern Ukraine by introducing peacekeeping forces there. As a result of his move, world stocks fell sharply, and traders' appetite for risk decreased.

Bitcoin is often touted by its proponents as a "safe-haven asset" similar to gold, meaning it should offer a hedge in times of uncertainty.

However, the case for bitcoin as a kind of “digital gold” has crumbled as more institutional investors start trading it and the cryptocurrency itself becomes more and more closely linked to fluctuations in a traditional market like the stock market.

Bitcoin is now well below its all-time high of $68,000, which it reached in November 2021.

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