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Bitcoin plummeted early this week amid escalating tensions and word of mobilization into Ukraine by Russian troops.

The coin dropped below $40,000 in valuation over the weekend and then fell about 6.5% from early Monday morning to early Tuesday, per a .

As of Tuesday afternoon around 3:00 pm, the coin $38,031, down about 13.72% from the week prior and nearly $30,000 less than its all-time high in November 2021.

The decision by Russia’s President Vladimir Putin to begin mobilizing troops into two areas of eastern Ukraine that had been recognized as independent to help “keep the peace” has made other European countries and the U.S. decide to impose sanctions that will tighten if Russia continues to escalate military action.

“Tomorrow, the United States will impose sanctions on Russia for this clear violation of international law and Ukraine sovereignty and territorial integrity,” Linda Thomas-Greenfield, U.S. Ambassador to the United Nations, said following a U.N. Security Council meeting on Monday, .

The impending action has taken the markets by storm, especially in the ever-volatile world of crypto.

Russia itself has also historically had a contentious relationship with crypto and its lack of proper regulation in global markets.

Last month, that the Central Bank of Russia had proposed a complete ban on crypto. Bans on crypto payments and investments on behalf of mutual funds are already in place in the country.

On February 18, the Ministry of Finance in Russia tried to pass a bill in parliament that would call for the regulation of cryptocurrency (from mining to distribution to spending) instead of a total ban, though it’s important to note that the Bank of Russia is still calling for a total ban of the industry.

A from last November shows that Russians conduct about $5 billion in crypto transactions each year.

Bitcoin was around 2.82% day-over-day as of late Tuesday afternoon.