Bitcoin (BTC) was among the currencies affected by the increase in geopolitical tensions in the east of Ukraine where Russian peacekeepers had been ordered to advance in the occupied regions of Donetsk and Lugansk.
After the ruble was pronounced the world’s most “volatile” fiat currency on Tuesday, BTC saw its price slide to $36,370 in the early morning trade, the lowest it had been in two weeks.
The fluctuation in the price of BTC echoed a warning issued by the International Monetary Fund, which argued that cryptocurrencies no longer exist in a vacuum. Global markets slowed down as fears of full-blown invasion mounted.
“Bitcoin, and crypto more generally, moved in lock step with Asian stock indices overnight as Russian-Ukraine headlines drove price movements”, B2C2 trader Chris Dick told CNBC.
Interestingly, BTC did not prove as resilient as expected. The currency has often been used as an example of how investors can have a safe haven against economic or geopolitical turbulences, and yet BTC proved just as affected.
Meanwhile, industry insiders, including Huobi co-founder Du Jun, argued that the next bullish run for BTC is unlikely to take place until at least 2024. Geopolitical tensions may further add to the currency’s woes it seems.
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