Cryptocurrencies including bitcoin and ethereum nosedived on Thursday morning as investors reacted to Russia’s ruthless invasion of Ukraine — then made a dramatic recovery in the afternoon. 

Bitcoin fell about 4.5% on Thursday morning before surging to trade 3.2% in the green at $38,500 late Thursday in New York. Meanwhile, ethereum fell 6% to about $2,430 before recovering to be up 2.3% at $2,650 over the same period of time, according to Coinbase data.