(Bloomberg) -- Bitcoin dropped below $38,000 on Monday as global markets tumbled amid concerns that Russia’s invasion of Ukraine, and the resulting sanctions, could have a wider and longer-lasting impact than previously thought.

The largest cryptocurrency fell as much as 3.7% to $37,606 on Monday morning in Asia, its lowest level in a week. Ether declined as much as 4.6% to $2,509.98, the lowest since Feb. 24. All the other top tokens were also down as of 11 a.m. in Hong Kong, according to pricing from CoinGecko.

Bitcoin has now given up all of the gains it notched up early last week, and is again trading broadly in line with other risk assets. Monday’s losses came as oil soared on concerns the U.S. might prohibit Russian oil imports, putting more upward pressure on already elevated inflation. 

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