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After a first Tass report on Russia's decision, the biggest Cryptocurrency slid as high as 7.4 percent to $34,783.
Ether, the second-ranked cryptocurrency, fell as much as 8.7 percent to $2,390.61.
Other currencies, including as XRP, Cardano, and Solana, were also affected.
Bitcoin's fluctuations during the last several weeks of growing international tensions have contributed to weaken the premise that cryptocurrencies may be used as a hedge in times of turmoil.
Meanwhile, gold, the classic safe haven, rose to its highest level since early 2021 on Thursday.
"The Russia-Ukraine crisis and tensions continue to weigh on risk assets." This includes Bitcoin and cryptocurrencies, which are still seen as a high-risk asset class," said Vijay Ayyar, vice president of corporate development at Luno, a crypto platform.
According to him, the next major milestone to monitor for Bitcoin is $28,000 to $29,000. If that line is crossed, "we might be looking at considerably lower values in the low $20,000s and below."
