Bitcoin fell to a two-week low on Tuesday, February 22, after Russian President Vladimir Putin ordered troops into Donetsk and Luhansk, two breakaway regions in eastern Ukraine, shortly after they declared independence.

Bitcoin is often referred to as “digital gold” by its supporters, with the term referring to the idea that bitcoin can provide a store of value similar to gold.

Bitcoin buyers also see the cryptocurrency as a “safe haven” that can act as a hedge against global economic uncertainty and rising prices, which reduce the purchasing power of sovereign currencies such as the US dollar.

With inflation hitting record highs in the US, bitcoin was expected to shine, with US consumer prices rising last month at the fastest pace since February 1982, according to figures from the US Department of Labor.

But the opposite has happened, with the cryptocurrency losing nearly half its value since hitting an all-time high near $69,000 in November.

Which has led analysts to question whether its status as a form of “digital gold” is still valid!