Cryptocurrency lower as investors await Russian military moves in Ukraine

Cryptocurrency was trending downward early Tuesday as investors worried about Russia’s moves into eastern Ukraine and the prospect for a long war in the region.

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Bitcoin was trading at approximately $37,115, down nearly 5% overnight. Ethereum and Dogecoin were also down during the overnight period, trading at nearly $2,540 (-6.72%) and 12.8 cents per coin (-8.3%), respectively, according to Coindesk.

Bitcoin was directionless during the early European hours on Tuesday, Coindesk reported, while traditional markets saw another wave of risk aversion after Russian President Vladimir Putin ordered troops to move into eastern Ukraine.

"In a tense situation, investors will prioritize commodities such as gold and crude oil rather than riskier stocks and cryptos," said Griffin Ardern, a volatility trader from crypto-asset management company Blofin.

In other cryptocurrency news, Andrew Durgee, the head of crypto and tokenization at Republic, argued Monday that volatility is the "nature of the industry" and it will continue - in large part fueled by current geopolitical events.

Durgee made the comments on Fox Business’ "Mornings with Maria" Monday as cryptocurrency prices were regaining some of the losses from over the weekend - which saw Bitcoin dip below $40,000 - and as tensions between Russia and Ukraine mounted.

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Miami Mayor Francis Suarez reacted to MiamiCoin's lowest stock price since its launch last August on "Cavuto: Coast to Coast" Monday, saying the city won't abandon its cryptocurrency while in its beginning phases. His comments come on the heels of billionaire investor Mark Cuban making his own appearance on FOX Business earlier Monday, talking cryptocurrency with host Neil Cavuto.