Bitcoin has fallen by nearly 11% in a day

Bitcoin led the cryptocurrency market lower on Thursday, following a nosedive of traditional stocks, with investors seeking safer assets as the conflict between Russia and Ukraine heats up.

The largest cryptocurrency, Bitcoin crashed below $35,000, constituting a loss of value of nearly 11% in a single day. The token has since recovered slightly, but over the past week the top crypto has shed more than 20% of its value.

The price of other major cryptocurrencies also tumbled. The Ethereum exchange rate fell by over 10% to $2,400, and XRP lost over 10% and is now trading at $0.64 per token.

READ MORE: Ukraine crisis sends global markets plummeting

The escalating conflict between Russia and Ukraine has roiled the global financial markets. The prospect of a full-blown war between the two countries has spooked global investors, who have been selling off risky assets like stocks and cryptocurrencies while turning to traditional safe havens such as gold and stable currencies. Harsh sanctions against Moscow are expected to cause a surge in prices for commodities of which Russia is a major exporter. These include oil, gas, metals, agriculture, and many others.

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