Bitcoin in Stasis Near $37K, Gold Extends Gains as Russia Starts Ukraine Invasion

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.