In tense situations, investors prefer gold and oil than riskier assets like stocks and crypto.Read MoreFeedzy
Bitcoin was directionless during the early European trading hours on Tuesday while traditional markets saw another wave of risk aversion as Russian President Vladimir Putin ordered troops to move into eastern Ukraine.
The top cryptocurrency traded largely unchanged on the day near $37,000 at 08:30 UTC, according to CoinDesk data.
Gold jumped to fresh eight-month highs of $1,914 per ounce, before trimming gains.
“In a tense situation, investors will prioritize commodities such as gold and crude oil rather than riskier stocks and cryptos,” said Griffin Ardern, a volatility trader from crypto-asset management company Blofin.
S&P 500 futures dropped over 1%, and the European stock markets nursed 1.2% to 1.5% losses. Oil prices surged with Brent crude oil futures breaching the $98 per barrel mark for the first time since late 2014.
Putin’s move drew criticism from the Group of Seven major industrial countries and United Nations, with several nations, including U.K and Japan, threatening to impose sanctions on Russia.
In recent weeks, bitcoin has faced a double whammy of fears of a U.S. Federal Reserve rate hike and lingering Russia-Ukraine tensions.
The cryptocurrency was down 3% for the month at press time, having failed to hold onto the rally to $45,000 seen earlier this month.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Prominent analyst Darkfost shares that Bitcoin remains a long time away from establishing a new…
Over the last day, Bitcoin prices have remained within the $70,000 – $72,000 region, recording…
Each escalation in the Iran conflict has been larger than the last, but each bitcoin…
The Bitcoin price has not particularly impressed over the past two weeks, but it appears…
Bitcoin’s extended pullback from its all-time high has left traders in uncertainty, and many investors…
Bitcoin recently pushed into a key liquidity pocket near the $73,000 level, briefly tapping overhead…