On Thursday, bitcoin fell to a one-month low after Russian forces launched missiles at numerous Ukrainian cities and landed soldiers on the country’s shore, spurring a sell-off of risky assets.

Bitcoin dropped as much as 7.9% to $34,324, its lowest level since January 24, and was down 4.5 percent at the time of writing. Smaller coins that usually move in lockstep with Bitcoin plummeted as well, with Ether losing as much as 10.8%.

In the previous 24 hours, the whole cryptocurrency market has lost more than $150 billion.

Russia launched an all-out land, air, and sea invasion of Ukraine, the worst attack by one country against another in Europe since World War II and confirmation of the West’s greatest fears.

Following the strikes, the US and its partners would slap “serious penalties” on Russia, according to US Vice President Joe Biden. Josep Borrell, the EU’s foreign affairs leader, has announced the bloc’s strongest financial measures to yet.

As investors sought perceived safe-haven assets, global equities and US government rates plummeted, while the currency, gold, and oil prices soared. European equities fell by 2.6 percent on their own.

“However, bitcoin’s ‘fear and greed index’ is indicating ‘Extreme Fear.’ Excessive anxiety has historically resulted in bitcoin trading significantly below its inherent value; nevertheless, due to continued geopolitical tensions, we may see more corrections in high-risk assets, at least in the medium term.”

Bitcoin proponents have often compared it to gold as a safe haven to protect against inflation and other threats in traditional markets. However, while bitcoin fell, gold rose 3 percent to $1,973 an ounce, reaching a one-year high as investors flocked to the safe haven.

JP Morgan (JPM) stated in a report earlier this month that the cryptocurrency’s price is inflated and set its “fair-value” at $38,000, almost 12% below its current price.