Bitcoin tumbles to $35K as Russia attacks Ukraine; gold takes spotlight

Bitcoin (BTC-USD) on Thursday extended losses to a one-month low as Russia's attacks on Ukraine send risk assets lower. The global crypto market cap is down a whopping 10.6% in the past 24 hours. Looking at price action, bitcoin (BTC-USD -9.4%) drops to $35.3K per token and ethereum (ETH-USD -13.2%) slides to $2.3K. Binance coin (BNB-USD -12.2%), ripple (XRP-USD -13.5%), solana (SOL-USD -12.9%), avalanche (AVAX-USD -18.3%), dogecoin (DOGE-USD -17.2%), terra (LUNA-USD -12.1%), shiba inu (SHIB-USD -18.8%), polygon (MATIC-USD -18.4%) and litecoin (LTC-USD -15.4%). Crypto-related stocks are also drifting lower in premarket trading, with Coinbase Global (NASDAQ:COIN) -7.8%, MicroStrategy (NASDAQ:MSTR) -7.7%, Marathon Digital (NASDAQ:MARA) -7.9%, Riot Blockchain (NASDAQ:RIOT) -11.6%, Silvergate Capital (NYSE:SI) -1.3%, SOS (NYSE:SOS) -14.9% and Bit Digital (NASDAQ:BTBT) -6.6%. It seems that commodities are taking cryptos' spotlight as gold (XAUUSD:CUR) jumps to its highest level seen since mid-August. Note the bitcoin-to-gold ratio is near the lowest level since mid-2021. Furthermore, "the plunge in the Bitcoin/Gold ratio is