The Bristling tensions along with the looming laws could provide clues for two questions. First, can bitcoin be considered as safe-haven asset? Second, can Russia emerge being the crypto superpower?
Here, answer to first, is no; though the fortress gold has increased by 2.3% over last week. The Western warnings related to Russian aggression have also intensified, bitcoin lost almost 3%. This was worse as compared to 0.9% decline related to Nasdaq Composite index.
A Safe Heaven
I do not actually see any such evidence of the bitcoin known as the safe haven,” mentioned Chris Weston, which head related to research at the Melbourne-based as brokerage Pepperstone. However, Ukraine situation through Russia is actually quite hard to price, so in such kind of the situation, you must purchase the crude futures.”
Still, it’s quite early to simply dismiss argument which made by various bitcoin advocates that say cryptocurrency. Just in the teens, it is also distain to be the form of digital gold. It must also retain their value while the riskier assets like stocks simply tumble.
Slipping of Bitcoin
Though the bitcoin has also slipped towards the levels of almost $42,000 in last few days, it has not surrendered all such gains that has made from the lows of almost $32,950 hit during January.
There are few investors that even point about how comparatively trading has been. During extreme geopolitical tension, Russia being mass above 100,000 troops close to Ukraine, though even rejecting the Western prophecies related to invasion known as “hysteria”.
The average Bitcoin with 30-day volatility also fallen to the level of 3.48%, against the 2021 average of almost 4.56%. This is as per the volatility index worldwide.
The Fear and Greed index measures the sentiments of market where 0 means extreme fear & 100 means greed.
