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Bitcoin continued to behave like a high beta, risk-on asset similar to most of the overvalued tech sector. As Russia’s announcement of military intervention was proliferating across financial markets, U.S. equity markets reached as far down as -3% in the night session, with bitcoin also plummeting to a low of $34,300, before bottoming and aggressively rebounding to a high of $40,000 in a large short squeeze.

At the time of writing bitcoin is down 43% from its highs from November, and 12% off the lows set late last night. At the close of the day the Nasdaq closed an outstanding 3.4% in the green in the daily session, as risk assets traded as if maximum fear and uncertainty were priced in shortly after the war declarations. Gold initially popped and hit over a one-year high, touching $1974 an ounce before dropping sharply, in an inverse pattern from U.S. equity markets and bitcoin.

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