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

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Bitcoin (BTC) fell to contemporary lows on Feb. 22 because the aftermath of Russia’s anticipated incursion into Ukraine triggered extra market woes.

Bitcoin dips to $36.4K as Ukraine move sends Russian ruble to near 6-year lows vs. dollar
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Gold involves the rescue as Bitcoin wavers

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD reaching $36,400 on Bitstamp in a single day Tuesday, its lowest since Feb. 3.

Volatility had been excessive as Russian president Vladimir Putin delivered a speech lasting nearly an hour on the state of the battle in Ukraine. Putin had ended by recognizing the 2 breakaway republics within the nation’s east, subsequently ordering Russian troops into what continues to be formally Ukrainian territory.

Shares and threat belongings fell because of this, with Russian corporations predictably struggling as nerves over fullscale battle escalated.

The Russian ruble fell in tandem, passing the 80 per greenback mark and encroaching on its report lows of 85.6 from 2016. Sanctions from the West have been anticipated afterward the day, doubtless fuelling additional losses.

A shock winner was gold, which managed to keep away from losses to shore up its safe-haven standing — in contrast to Bitcoin.

“Appears to be like like Bitcoin is not going to be secure haven in geopol crises,” markets commentator Holger Zschaepitz reacted.

“Digital gold (Bitcoin) has plummeted to $1900/oz. Correlation between digital & analog Gold is now even neg. Narrative that digital Gold is best method to escape has not panned out in Ukraine.”

Bitcoin dips to $36.4K as Ukraine move sends Russian ruble to near 6-year lows vs. dollar
Gold/ Bitcoin correlation vs. BTC/USD vs. XAU/USD chart. Source: Holger Zschaepitz/ Twitter

Year-to-date, XAU/USD was up over 6% at the time of writing, while BTC/USD traded down 23%.

“It’s actually great to see that Gold is doing really well in these times of heavy uncertainties, crawling upwards, while risk-on assets like stocks and Bitcoin are having a hard time,” Cointelegraph contributor Michaël van de Poppe nonetheless countered.

Zschaepitz added that investments into gold-backed exchange-traded funds, or ETFs, had been rising all through February.

Bearish cross looms for on-chain metric

Russia thus took heart stage for BTC merchants, who on Monday watched gloomily as storm clouds gathered over Asian markets.

Associated: ‘Coin days destroyed’ spike hinting at BTC price bottom? 5 things to watch in Bitcoin this week

A tech inventory rout on the again of a contemporary regulatory crackdown from China had sparked two days of appreciable draw back for a few of the largest fairness bets, together with Tencent.

“$39.6k is now the brand new key resistance the Bitcoin bulls should get again above,” common analyst Matthew Hyland said Tuesday.

He added that shifting common convergence/ divergence on the three-day chart was now primed to print a bearish crossover, in direct distinction to earlier hopes {that a} bullish breakout may precede contemporary BTC value energy.

Sentiment additionally took a success from the newest occasions, with the Crypto Fear & Greed Index down to twenty/100 — effectively throughout the “excessive worry” bracket.

Bitcoin dips to $36.4K as Ukraine move sends Russian ruble to near 6-year lows vs. dollar
Crypto Worry & Greed Index (screenshot). Supply: Different.me