Bitcoin took a hit of more than 7% on Thursday as markets reacted to concerns over a possible invasion of Ukraine.
It was the largest percentage decrease since Jan. 21, when it fell more than 11%.
Bitcoin is up more than 5% month-to-date, but down 12% year-to-date.
Ether, the cryptocurrency linked to the ethereum blockchain network, also fell in sympathy.
In other crypto news, the U.S. arm of Binance has named a new chief compliance officer.
The world’s largest cryptocurrency exchange by trading volume has hired Tammy Weinrib, according to the Wall Street Journal.
She recently served as vice president of the financial crime compliance department at Société Générale SA.
Weinrib will be in charge of the company’s know-your-customer onboarding and anti-money-laundering programs.
She'll be in contact with regulators and law enforcement across the U.S., the company said.
The move comes as the Securities and Exchange Commission examines the relationship between Binance.US and two trading firms with ties to Binance’s founder,.
On Thursday, the Department of Justice and the FBI established a "specialized team dedicated to cryptocurrency the virtual asset exploitation unit. This FBI unit will combine cryptocurrency experts into one nerve center that can provide equipment blockchain analysis, virtual asset seizure and training to the rest of the FBI" the agencies explained.
FOX Business' Ken Martin contributed to this report.