Bitcoin Dropped To $36.4K
On Feb. 22, Bitcoin (BTC) dropped to a new low of $36,400 on Bitstamp, the lowest since Feb. 3.
This probably happened due to a possible full-scale Russian military invasion of Ukraine, since at the same time not only cryptocurrencies but also stock markets began to collapse. Interestingly, of all possible assets, only gold managed to avoid losses.
Market commentator Holger Zshepi noted that in this geopolitical crisis, gold, not Bitcoin, will be a safe haven. According to him, when Bitcoin dropped, gold grew in price by more than $1,900 per ounce.
Since the start of 2022, XAU/USD is up over 6% at the time of writing, while BTC/USD is down 23%.
Cryptocurrency market sentiment has also been hit by recent events in the geopolitical arena, with the Crypto Fear and Greed Index dropping to 20/100, well within the “extreme fear” range.