With the geopolitical situation unfolding with the Russia-Ukraine crisis, Bitcoin’s function in the global financial system is becoming increasingly crucial. Following a drive to divorce itself from the stock market. Btc has lost more than 20% of its value after hitting a high over $45,000 earlier this year.
Bitcoin is currently trading 4.16 percent lower at $37,980, with a market capitalization of $719 billion as of press time. If Bitcoin’s negative trend continues and it fails to retain $35,000, it could fall below $30,000 or lower.
Source : Sentiment
Guess who’s hogging all the attention here? Physical Gold is Bitcoin’s arch-rival and hedge asset. The price of gold has risen to a 19-month high, over $2,000 per ounce, amid the ongoing war turmoil.
Mike McGlone, a senior commodity strategist at Bloomberg, has frequently advocated for a bull case scenario for Bitcoin in 2022. McGlone, on the other hand, recently stated in one of his tweets that the chances of btc returning to $30,000 are extremely strong. McGlone, on the other hand, is optimistic that Bitcoin will continue to outperform the stock market.
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