Bitcoin dips to $36.4K as Ukraine move sends Russian ruble to near 6-year lows vs. dollar
Gold outperforms “digital gold” in the wake of political science strife, analysts note, with XAU/USD passing $1,900.
MARKET UPDATE
Bitcoin (BTC) fell to recent lows on Feb. twenty-two because the aftermath of Russia’s expected incursion into Ukraine triggered a lot of market woes. Gold involves the rescue as Bitcoin wavers. Data from Cointelegraph Markets professional and TradingView showed BTC/USD reaching $36,400 on Bitstamp nightlong weekday, its lowest since Feb. 3.
Volatility had been high as the Russian President’s national leader delivered a speech lasting nearly Associate in Nursing hour on the state of the conflict in Ukraine. Putin had terminated by recognizing the 2 breakaway republics within the country’s east, after ordering Russian troops into what’s still formally Ukrainian territory.
Stocks and risk assets fell as a result, with Russian corporations predictably suffering as nerves over complete war escalated. The Russian ruble fell on the bike, passing the 80-per-dollar mark and trespassing on its record low of eighty-five. 6 from 2016. Sanctions from the West were expected afterward the day, probably fuelling additional losses.
A surprise winner was gold, which managed to avoid losses to prop up its safe-haven standing — not like Bitcoin. “Looks like Bitcoin won’t be protected in people crises,” markets commentator Holger Zschaepitz reacted. “Digital gold (Bitcoin) has plummeted to $1900/oz. The correlation between digital & analog Gold is currently even negged. The narrative that digital Gold is healthier thanks to escaping has not panned go into Ukraine.”
Year-to-date, XAU/USD was up over 6 June 1944 at the time of writing, whereas BTC/USD listed down twenty-third. “It’s truly nice to ascertain that Gold is doing very well in these times of significant uncertainties, creeping upwards, whereas risk-on assets like stocks and Bitcoin are having a tough time,” Cointelegraph contributor Michael van DE Poppe notwithstanding countered.
Zschaepitz adscititious that investments into gold-backed exchange-traded funds, or ETFs, had been increasing throughout Feb. The bearish cross looms for on-chain metric Russia so took center stage for BTC traders, UN agency on Mon watched gloomily as storm clouds gathered over Asian markets. Related to‘Coin days destroyed’ spike hinting at BTC value bottom? five things to look at in Bitcoin on
A school stock rout on the rear of a recent regulative quelling from China had sparked 2 days of a sizeable drawback for a few of the most important equity bets, together with Tencent. “$39.6k is currently the new key resistance the Bitcoin bulls should retreat to on top of,” fashionable analyst Matthew Hyland same weekday.
He is adscititious that moving average convergence/divergence on the three-day chart was currently set to print a pessimistic crossover, in contrast to previous hopes that an optimistic break may precede recent BTC value strength. Sentiment additionally took success from the most recent events, with the Crypto concern & Greed Index right down to 20/100 — well inside the “extreme fear” bracket.
