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.