BITCOIN PRICE AND OTHER MARKETS REACT TO RUSSIA UKRAINE INVASION

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

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.

Bir cevap yazın

E-posta hesabınız yayımlanmayacak.