Bitcoin dips to $36.4K as Ukraine move sends Russian ruble to near 6-year lows vs. dollar

2 years ago

Gold outperforms "digital gold" successful the aftermath of geopolitical strife, analysts note, with XAU/USD passing $1,900.

Bitcoin dips to $36.4K arsenic Ukraine determination sends Russian ruble to adjacent 6-year lows vs. dollar

Bitcoin (BTC) fell to caller lows connected Feb. 22 arsenic the aftermath of Russia's expected incursion into Ukraine triggered much marketplace woes.

Gold comes to the rescue arsenic Bitcoin wavers

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $36,400 connected Bitstamp overnight Tuesday, its lowest since Feb. 3.

Volatility had been precocious arsenic Russian president Vladimir Putin delivered a code lasting astir an hr connected the authorities of the struggle successful Ukraine. Putin had ended by recognizing the 2 breakaway republics successful the country's east, subsequently ordering Russian troops into what is inactive officially Ukrainian territory.

Stocks and hazard assets fell arsenic a result, with Russian companies predictably suffering arsenic nerves implicit fullscale warfare escalated.

The Russian ruble fell successful tandem, passing the 80 per dollar people and encroaching connected its grounds lows of 85.6 from 2016. Sanctions from the West were expected aboriginal connected the day, apt fuelling further losses.

A astonishment victor was gold, which managed to debar losses to enactment up its safe-haven presumption — dissimilar Bitcoin.

"Looks similar Bitcoin volition not beryllium harmless haven successful geopol crises," markets commentator Holger Zschaepitz reacted.

"Digital golden (Bitcoin) has plummeted to <$37k, portion Gold has risen >$1900/oz. Correlation betwixt integer & analog Gold is present adjacent neg. Narrative that integer Gold is amended mode to flight has not panned retired successful Ukraine."

Year-to-date, XAU/USD was up implicit 6% astatine the clip of writing, portion BTC/USD traded down 23%.

"It’s really large to spot that Gold is doing truly good successful these times of dense uncertainties, crawling upwards, portion risk-on assets similar stocks and Bitcoin are having a hard time," Cointelegraph contributor Michaël van de Poppe nevertheless countered.

Zschaepitz added that investments into gold-backed exchange-traded funds, oregon ETFs, had been expanding passim February.

Bearish transverse looms for on-chain metric

Russia frankincense took halfway signifier for BTC traders, who connected Monday watched gloomily arsenic tempest clouds gathered implicit Asian markets.

A tech banal rout connected the backmost of a caller regulatory crackdown from China had sparked 2 days of sizeable downside for immoderate of the biggest equity bets, including Tencent.

"$39.6k is present the caller cardinal absorption the Bitcoin bulls indispensable get backmost above," fashionable expert Matthew Hyland said Tuesday.

He added that moving mean convergence/ divergence connected the three-day illustration was present primed to people a bearish crossover, successful nonstop opposition to erstwhile hopes that a bullish breakout could precede caller BTC terms strength.

Sentiment besides took a deed from the latest events, with the Crypto Fear & Greed Index down to 20/100 — good wrong the "extreme fear" bracket.