Bitcoin falls and gold rises due to possible war in Ukraine

The Bitcoin price continues to fall as the crisis in Ukraine is getting worse. The threat of a major war in Europe is causing a bloodbath in the crypto and stock markets. On the other hand, the precious metal gold is performing well in these uncertain times. This undermines the argument that Bitcoin is a safe haven in difficult times.

Threatening Russia-Ukraine War Crashes Crypto Market

Bitcoin price has fallen again today to $36,300, which is its lowest point in more than two weeks. This fall in prices is caused by the great fear of a possible Russian invasion of Ukraine.

BTC chart 4 hours per candle – Source: Tradingview

Bitcoin price hit rock bottom just after Russian President Vladimir Putin said he is recognizing two self-proclaimed separatist republics in eastern Ukraine and sending Russian troops there. Not only the BTC price was adversely affected by this, the rest of the crypto market also received a serious blow. For example, the Ethereum price has fallen by 7 percent and the XRP price even by more than 13 percent.

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Bitcoin is not a safe haven in times of geopolitical turmoil

The BTC price is definitely suffering from the crisis in Ukraine. This goes to show that cryptocurrencies are certainly not a place of refuge in times of geopolitical turmoil right now. This is the precious metal gold. The gold price has reached its highest level since June.

“During times of great political turmoil, Bitcoin has quietly weakened and is outperforming its nemesis, gold,” said John Roque of 22V Research.

Roque predicted that Bitcoin price could fall below $30,000 in the near term as traders increasingly favor gold, potentially pushing the precious metal to an all-time high.

“Bitcoin’s inability to hold $40,000 amid heightened tensions in Ukraine means $30,000 is back in the game,” Nexo co-founder Antoni Trenchev also said in an email.

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