The aftermath of Russia’s expected incursion into Ukraine triggered more market woes on Feb. 22. Bitcoin (BTC) fell to new lows.
BTC/USD hit a low of $36,400 on Bitstamp overnight Tuesday, according to TradingView, its lowest level since February 3.
Source : TradingView
Volatility was high as Russian President Vladimir Putin delivered a nearly hour-long statement on the condition of the Ukraine conflict. Putin ended by recognizing the two breakaway republics in the country’s east, then sending Russian soldiers into area that is still officially Ukrainian.
Stocks and risk assets tumbled as a result, with Russian companies taking the brunt of the fallout as fears of a full-scale war grew.
The Russian currency plummeted in lockstep, breaking through the 80-per-dollar barrier and approaching its 2016 lows of 85.6.
Source: Holger Zschaepitz/ Twitter
Later in the day, the West was anticipated to impose sanctions, potentially fueling additional losses.
Gold, unlike Bitcoin, came out on top as a surprise winner, avoiding losses to maintain its safe-haven status.
At the time of writing, XAU/USD was up more than 6% year to date, while BTC/USD was down 23%.
Investments in gold-backed exchange-traded funds, or ETFs, increased in February, according to Zschaepitz.
For Bitcoin traders, Russia grabbed center stage on Monday, as storm clouds loomed over Asian markets.
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