As Ukraine-Russia tensions escalate, gold is rising and Bitcoin is falling. Bitcoin continued to slide as its arch-rival gold surged at a time when tensions between Russia and Ukraine continued to worsen. Analysts say the technical charts are not looking good for top crypto and $30,000 is on the agenda once again after the drop. Detail cryptocoin.com‘in.
Is 30 thousand possible for Bitcoin?
While gold has been at its best for months, BTC continued to slide amid rising tensions between the two Eastern European nations. At the time of writing, BTC was trading at $37,675. It shows it has lost $6,500, or 15 percent of its value, on the weekly chart. The crypto has been losing value for six days and today it drops below $36,500. The drop comes at a time when Russia and Ukraine are locked in a debate that many fears could quickly escalate in the coming weeks. In his latest move, Russian President Vladimir Putin has said he recognizes two Ukrainian separatist groups.
By linking tensions in Eastern Europe to Bitcoin’s performance, experts argue that this undermines the argument that BTC is a safe haven in times of conflict. Cardano, Shiba Inu, Polygon, and Litecoin all lost at least 20 percent, while Ether fell 17 percent last week. BTC isn’t the only one facing the decline. Bitcoin seems to have lost to gold in the safe-haven war. Commenting on the developments, John Roque of 22V Research said in a note Monday:
In the world’s latest vortex (USA/Russia/Ukraine), the entity, which is claimed to be the answer to every question, has quietly weakened and is outperforming its arch-enemy, especially gold.
Bitcoin is believed to have gone to $30,000 as more traders make moves for gold. This is a bold prediction, given that BTC last reached this level in July last year and has since hit a new high of just under $69,000 in November. Even pro-Bitcoin leaders agree that it could be downhill for BTC from here. Antoni Trenchev, founder of institutional digital asset services provider Nexo, said he has seen BTC reach $30,000. Speaking to Fortune, Trenchev said:
Bitcoin’s failure to hold $40,000 amid rising Ukraine tensions means $30,000 is back in the game. Geopolitics has replaced inflation as the primary influencer of both traditional and crypto markets for now.
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