"Called Digital Gold"... Bitcoin Shakes Amid 'Putin's Military Operation Launch'

Vladimir Putin, President of Russia.
Photo by AP Yonhap News

[Asia Economy Reporter Na Ye-eun] Bitcoin, often called "digital gold" and regarded as a means of risk diversification, is fluctuating wildly following news of the Russian military invasion of Ukraine.

According to CoinDesk on the 24th, as of 4:39 PM Korean time, the price of Bitcoin recorded $34,640.52, down 9.22% compared to 24 hours earlier.

The cryptocurrency market has been highly volatile since around 11:50 AM, when news broke that Russia had launched military operations in Ukraine.

Bitcoin is frequently referred to as "digital gold" by its supporters. This means it serves as a store of value similar to gold, which is relatively less affected by fluctuations in other financial markets such as the stock market.

Therefore, Bitcoin supporters consider the cryptocurrency a "safe asset" that can help avoid risks related to global economic uncertainty and the decline in currency value caused by rising inflation.

However, the actual price of Bitcoin reached an all-time high of $69,000 (approximately 82.62 million KRW) last November but has since nearly halved.

Meanwhile, immediately after Russia's sudden declaration of military operations, explosions have continued in areas including Kyiv, the capital of Ukraine, and it has been reported that military command facilities in Kyiv and Kharkiv were hit by missile attacks. Ukrainian Foreign Minister Dmytro Kuleba stated on Twitter, "Russia has launched a full-scale invasion of Ukraine," adding, "Peaceful Ukrainian cities are under attack."

This content was produced with the assistance of AI translation services.