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Bitcoin (BTC-USD -2.7%) on Tuesday fell to as low as $36.3K per token, as tensions between Russia and Ukraine weigh on a broad spectrum of risk assets. The world’s largest digital coin has since edged higher to $37.9K.
The global crypto market is down 3.4% in the past 24 hours. All three major U.S. indices slide, with the Nasdaq (COMP.IND) -0.3% and S&P 500 (SP500) -0.3% erasing gains from earlier, and Dow Jones (DJI) -0.7% falling below 34K.
Moreover, “Bitcoin’s inability to hold $40,000 amid heightened Ukraine tensions means $30,000 is back in play,” Nexo Co-Founder and Managing Partner Antoni Trenchev told Bloomberg via email. “Geopolitics has, for now, replaced inflation as the primary driver of both traditional and crypto markets,” he added.
Gold (XAUUSD:CUR), which has jumped over 6% month-to-date, is flirting with $1,900 per ounce. Amid political uncertainty and tighter financial conditions, the bitcoin-to-gold ratio is closing in on the lowest level since mid-2021, implying gold is acting as a better safe haven asset than bitcoin, Bloomberg pointed out.
Cryptos: ethereum (ETH-USD -3.5%), binance coin (BNB-USD -3.2%), ripple (XRP-USD -9.9%), cardano (ADA-USD -7.3%), solana (SOL-USD -4.2%), litecoin (LTC-USD -5.0%) terra (LUNA-USD +2.5%), avalanche (AVAX-USD -6.5%), dogecoin (DOGE-USD -5.5%), shiba inu (SHIB-USD -6.8%), polygon (MATIC-USD -6.2%) and wrapped bitcoin (WBTC-USD -2.7%).
With accelerating efforts to develop a regulatory framework for digital assets, the DOJ appointed the first director of its new crypto enforcement team.
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