{"id":18659,"date":"2022-02-22T10:07:03","date_gmt":"2022-02-22T09:07:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=18659"},"modified":"2022-02-22T10:07:13","modified_gmt":"2022-02-22T09:07:13","slug":"bitcoin-falls-as-ruble-moves-to-6-year-lows","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-falls-as-ruble-moves-to-6-year-lows\/","title":{"rendered":"Bitcoin falls to $36.4K as Ukraine move sends Russian ruble close to 6-year lows vs. dollar"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"analysts-observe-that-gold-has-outperformed-digital-gold-bitcoin-in-the-aftermath-of-geopolitical-turmoil-with-the-xau-usd-crossing-1-900\">Analysts observe that gold has outperformed &#8220;digital gold (Bitcoin)&#8221; in the aftermath of geopolitical turmoil, with the <a href=\"https:\/\/coinscreed.com\/staging\/will-powells-testimony-next-week-affect-bitcoin-price-again.html\" data-type=\"post\" data-id=\"4133\" target=\"_blank\" rel=\"noreferrer noopener\">XAU\/USD<\/a> crossing $1,900.<\/h5>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"WEEKLY  GOLD  FORECAST I XAUUSD FORECAST\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/iZRnsZ4FT7E?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>The aftermath of Russia's expected incursion into Ukraine triggered more market woes on Feb. 22. Bitcoin (BTC) fell to new lows. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"as-bitcoin-falters-gold-comes-to-the-rescue\">As Bitcoin falters, gold comes to the rescue<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1012\" height=\"558\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-297.png\" alt=\"Bitcoin falls to $36.4K as Ukraine move sends Russian ruble close to 6-year lows vs. dollar | Coinscreed\" class=\"wp-image-18661\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-297.png 1012w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-297-300x165.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-297-768x423.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-297-750x414.png 750w\" sizes=\"(max-width: 1012px) 100vw, 1012px\" \/><figcaption>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/figcaption><\/figure>\n\n\n\n<p>BTC\/USD hit $36,400 on Bitstamp overnight Tuesday, the lowest since February 3, according to data from <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\" target=\"_blank\" rel=\"noreferrer noopener\">Coinscreed's top analysts and TradingView<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n<p>Volatility was high as Russian President Vladimir Putin delivered a nearly hour-long statement on the condition of the Ukraine conflict. <\/p>\n\n\n\n<p>Putin ended by recognizing the two breakaway republics in the country's east, then sending Russian soldiers into area that is still officially Ukrainian.<\/p>\n\n\n\n<p>Stocks and risk assets tumbled as a result, with Russian companies taking the brunt of the fallout as fears of a full-scale war grew.<\/p>\n\n\n\n<p>The Russian currency plummeted in lockstep, breaking through the 80-per-dollar barrier and approaching its 2016 lows of 85.6. <\/p>\n\n\n\n<p>Later in the day, the West was anticipated to <a href=\"https:\/\/coinscreed.com\/staging\/crypto-transactions-are-legitimate-but-sanctions-are-still-needed-treasury-official.html\" data-type=\"post\" data-id=\"12603\" target=\"_blank\" rel=\"noreferrer noopener\">impose sanctions<\/a>, potentially fueling additional losses.<\/p>\n\n\n\n<p>Gold, unlike Bitcoin, came out on top as a surprise winner, avoiding losses to maintain its safe-haven status.<\/p>\n\n\n\n<p>&#8220;It appears that Bitcoin will not be a safe haven in geopolitical crises,&#8221; <a href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1496025743071096834\/\" target=\"_blank\" rel=\"noreferrer noopener\">said market analyst Holger Zschaepitz<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-plain has-medium-font-size is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;Digital gold (Bitcoin) has plummeted to $1900\/oz. Correlation between digital & analog Gold is now even neg. Narrative that digital Gold is better way to escape has not panned out in Ukraine.&#8221;<\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"594\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-1024x594.png\" alt=\"Bitcoin falls to $36.4K as Ukraine move sends Russian ruble close to 6-year lows vs. dollar | Coinscreed\" class=\"wp-image-18662\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-1024x594.png 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-300x174.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-768x446.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-1536x891.png 1536w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-2048x1189.png 2048w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-750x435.png 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-298-1140x662.png 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Gold\/ Bitcoin correlation vs. BTC\/USD vs. XAU\/USD chart. Source: Twitter<\/figcaption><\/figure>\n\n\n\n<p>At the time of writing this article, XAU\/USD was up more than 6% year to date, while BTC\/USD was down 23%.<\/p>\n\n\n\n<p>&#8220;It's actually amazing to see Gold performing so well in these times of significant uncertainty, crawling upwards, while risky assets like stocks and Bitcoin are struggling,&#8221; Coinscreed contributor Chide Austin argued.<\/p>\n\n\n\n<p>Investments in gold-backed exchange-traded funds, or ETFs, increased in February, <a href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1496020193973264384\" target=\"_blank\" rel=\"noreferrer noopener\">according to Zschaepitz<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n<p>For the on-chain metric, a bearish cross looms.<\/p>\n\n\n\n<p>For <a href=\"https:\/\/coinscreed.com\/staging\/futures-traders-lose-82-million-as-btc-recovers.html\" data-type=\"post\" data-id=\"16424\" target=\"_blank\" rel=\"noreferrer noopener\">BTC traders<\/a>, Russia has thus taken center stage, as storm clouds gathered over Asian markets on Monday. <\/p>\n\n\n\n<p>A tech market sell-off spurred by a new Chinese regulatory crackdown resulted in two days of significant losses for some of the biggest equity investments, including Tencent.<\/p>\n\n\n\n<p>&#8220;$39.6k is now the new critical resistance that Bitcoin bulls must break through,&#8221; <a href=\"https:\/\/twitter.com\/MatthewHyland_\/status\/1495998413120360448\" target=\"_blank\" rel=\"noreferrer noopener\">noted popular analyst Matthew Hyland on Tuesday<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>. <\/p>\n\n\n\n<p>He went on to say that <a href=\"https:\/\/twitter.com\/MatthewHyland_\/status\/1496010846341849089\" target=\"_blank\" rel=\"noreferrer noopener\">moving average convergence\/divergence on the three-day chart was now set to print a bearish crossing<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a>, contrary to previous expectations of a bullish breakout heralding new BTC price strength.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"477\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-300-1024x477.png\" alt=\"\" class=\"wp-image-18668\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-300-1024x477.png 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-300-300x140.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-300-768x358.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-300-750x350.png 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-300.png 1124w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Crypto Fear & Greed Index (screenshot). Source: Alternative.me<\/p>\n\n\n\n<p>The <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\" target=\"_blank\" rel=\"noreferrer noopener\">Crypto Fear & Greed Index<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-7-icon-path\"><\/use><\/svg><\/span><\/a> has dropped to 20\/100, far into the &#8220;severe fear&#8221; range, as a result of the recent events.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts observe that gold has outperformed &#8220;digital gold (Bitcoin)&#8221; in the aftermath of geopolitical turmoil, with the XAU\/USD crossing $1,900. The aftermath of Russia&#8217;s expected incursion into Ukraine triggered more market woes on Feb. 22. Bitcoin (BTC) fell to new lows. As Bitcoin falters, gold comes to the rescue BTC\/USD hit $36,400 on Bitstamp overnight [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":18669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152,484,260,1138,904,1348],"class_list":["post-18659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-gold","tag-markets","tag-russia","tag-ukraine"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/images-2022-02-22T100541.844.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/18659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=18659"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/18659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/18669"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=18659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=18659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=18659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}