Bitcoin price extends fall under $40,000 as Ukraine crisis boosts gold price | Tech News

Bitcoin price extends fall under $40,000 as Ukraine crisis boosts gold price

Bitcoin price dropped to a more than two-week low, tumbling along with equities, even as gold price soared over Ukraine crisis.

By:BLOOMBERG
| Updated on: Aug 22 2022, 10:07 IST
Bitcoin
Bitcoin price dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened.  (Bloomberg)

Bitcoin price dropped 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 after Russian President Vladimir Putin said he's recognizing two self-proclaimed separatist republics in eastern Ukraine. 

Bitcoin price 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.

You may be interested in

MobilesTablets Laptops
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

“In the globe's latest maelstrom -- U.S./Russia/Ukraine -- Bitcoin, the asset purported to be the answer to every question, has quietly weakened and is notably underperforming its arch-enemy, gold,” said John Roque of 22V Research in a note on Monday.

Also read
Looking for a smartphone? To check mobile finder click here.

Roque predicted Bitcoin may fall below $30,000 as traders increasingly favor gold, potentially pushing bullion to an all-time high. 

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 22 Feb, 14:00 IST
NEXT ARTICLE BEGINS