Bitcoin has tumbled $1000 in the past 30 minutes and taken out the Asian low. It's now down 7.0% to $38,445 in the worst fall since the omicron rout in late November. Ethereum is down 9.5%.

Zooming out to the daily chart (above) it's not a pretty picture. The major double bottom from September has broken and the opportunity to create a double bottom there has failed, assuming we close below $40,000.

There's some minor support at the August low of $37,244 and that offers some hope for the bulls but if that gives way it could be a quick trip to $30,000.

I think this is much less about the Russian ban and hack and more about tech-driven risk trades taking a beating. The turnaround in the Nasdaq yesterday was ugly and the 20% drop in Netflix shares pre-market doesn't bode well for the rest of earnings season.