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23 Feb 2022

Bitcoin Dip at $38,000 as Gold Surges Further

The Index Today

Bitcoin went further down to a more than two-week low, tumbling along with equities as escalating tensions between Russia and Ukraine weighed on risk appetite.

The largest cryptocurrency dropped as low as $36,831 on Tuesday morning in Asia.

John Roque of 22V Research said in a note on Monday, “In the globe’s latest maelstrom – US/Russia/Ukraine – Bitcoin, the asset purported to be the answer to every question, has quietly weakened and is notably underperforming its arch-enemy, gold.”

Roque predicted Bicoin may fall below $30,000 as traders increasingly favour gold, potentially pushing bullion to an all-time high.

Bloomberg reported that Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil. At the same time, gold has reached its highest level since June.

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