After hitting $45,000 on Wednesday, Bitcoin’s (BTC) price plunged below $40,000 Friday as stocks keep selling off provoked by the Russia-Ukraine crisis.

The world’s largest cryptocurrency started out the week at around $38,000, followed by a rally of 20% over two days to hit $45,077 by Wednesday. The gains BTC experienced throughout the week were merely temporary, however, as it has fallen around 16% since Wednesday's high numbers.

Russia's military build-up led many Ukrainians to turn to cryptocurrencies, before the invasion seized up the sector
Russia's military build-up led many Ukrainians to turn to cryptocurrencies, before the invasion seized up the sector AFP / Ozan KOSE

Bitcoin was trading at nearly $43,000 Friday, but the bulk of its yields evaporated soon after, plummeting to $38,806. The S&P 500 and the Nasdaq are also enduring weak performances due to the unpredictability brought on by the Russia-Ukraine crisis. According to Cointelegraph's Michaël van de Poppe, Bitcoin’s declining price is due to “short-term panic” prompted by the impact of the Eastern European crisis on cryptocurrencies as investors have shifted their attention to the escalating conflict.

According to Decrypt, Ethereum (ETH) was also down around 2.%, trading at nearly $2,700. It is the second-largest cryptocurrency in the world.

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