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Bitcoin (BTC-USD) on Thursday is extending losses to one-month lows as Russia’s attacks on Ukraine send risk assets lower.
The global crypto market cap is down a whopping 10.6% in the past 24 hours.
Looking at price action, bitcoin (BTC-USD -9.4%) drops to $35.3K per token and ethereum (ETH-USD -13.2%) slides to $2.3K. Binance coin (BNB-USD -12.2%), ripple (XRP-USD -13.5%), solana (SOL-USD -12.9%), avalanche (AVAX-USD -18.3%), dogecoin (DOGE-USD -17.2%), terra (LUNA-USD -12.1%), shiba inu (SHIB-USD -18.8%), polygon (MATIC-USD -18.4%) and litecoin (LTC-USD -15.4%).
Crypto-related stocks are also drifting lower in premarket trading, with Coinbase Global (NASDAQ:COIN) -7.8%, MicroStrategy (NASDAQ:MSTR) -7.7%, Marathon Digital (NASDAQ:MARA) -7.9%, Riot Blockchain (NASDAQ:RIOT) -11.6%, Silvergate Capital (NYSE:SI) -1.3%, SOS (NYSE:SOS) -14.9% and Bit Digital (NASDAQ:BTBT) -6.6%.
It seems that commodities are taking cryptos’ spotlight, as gold (XAUUSD:CUR +3.1%) jumps to as high as $1,760 per ounce, the highest level since mid-August. Note the bitcoin-to-gold ratio is near the lowest level since mid-2021. Furthermore, “the plunge in the Bitcoin/Gold ratio is testament to the view that crypto was never a currency (‘asset class’??) you could rely on in troubled times,” David Rosenberg, founder and president of Rosenberg Research & Associates, wrote in a Twitter post. Neither safe nor a haven — just a high-beta correlation with the most speculative elements of the risk-on trade,” he added.
Check out how other asset classes are faring amid increased geopolitical tensions.
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