Bitcoin, the best-knowncryptocurrency,droppedbelow the $35,000 level, which cut 8% from its price.
Ether, another widely owned digital coin, fell more than 7% to under $2,500.
They usually aren’t backed by an underlying asset, such as fiat currency.
Bitcoin prices peaked in November, beforefalling sharply in January.
Theprice of bitcoinstarted to recover in February.
However, bitcoin prices started sliding after a high on Feb. 10.
Prices slumped further with the invasion, which came after months of tension between Russia and Ukraine.
“Their price relies solely on traders' sentiments,” Royal said.
“When traders become more optimistic, cryptocurrency prices rise.
When traders become gloomy, crypto prices fall.”
That’s why Royal suggested first-time investors in digital assets should proceed with caution.
