Bitcoin Loses to Gold Amid Russia-Ukraine Tension
Bitcoin Lagging Behind Gold
Bitcoin (BTC) dipped below the $35,000 level and continues to drop amid the Russia-Ukraine crisis, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil. At the same time, gold has reached its highest level since June 2021.
At the time of writing, BTC was down 9.1% to $34,726 according to data from CoinGecko. Apart from Bitcoin, altcoins also faced steeper losses from the past 24 hours with Ether losing 13%, ADA losing 16% and BNB sliding downwards by 23.5%
On the other hand, the price of gold has surged to $1,942 per ounce. Four days ago, the precious metal was trading 1.47% lower for $1,897 an ounce. In fact, two days earlier, Gold jumped to its highest level ever in Japan where experts attributed the rise to 'geopolitical risk and worries over a weakening yen.'
Russia-Ukraine Crisis Shakes Global Market
In an address early Thursday on national television, Russian President Vladimir Putin announced military action in Donbas, urging Ukrainian forces to lay down their arms and go home.
The move has fueled fears of a full-blown invasion, sending global stocks, crypto markets sharply lower as traders’ appetite for risk declines.
