The Ukrainian crisis was truly the coup de grace for Bitcoin and for the various cryptocurrencies that are now apparently slipping without support for many months.
Russia invades Ukraine and cryptocurrencies have definitely disappointed investors by not acting as a safe haven asset, but indeed suffering even more than the bags themselves the nervousness of the moment. It is open war and those who hoped to find a safe haven in cryptocurrencies were evidently once again disappointed.
But already with the Evergrande chaos it was highlighted the fact that cryptocurrencies are unfortunately very sensitive to the nervousness of the moment. Bitcoin is trying to return frantically to $ 36,000 but the highs of November 2021 seem really far away. Obviously, for investors, the Hamletic doubt is always the same: take advantage of a Bitcoin on sale or flee fearing worse troubles? The cryptocurrency trading community is highly divided.
Doubt is strong
After a sparkling 2021 that had seen Bitcoin continuously rising accompanied by the rest of the cryptocurrencies, the end of last year and the beginning of this they represented a time of extreme weakness for virtual currencies. The fear that Bitcoin can collapse below $ 30,000 is now very concrete and the $ 20,000 line is now being perceived as some sort of decisive support line. Investors who jumped into cryptocurrencies towards the end of last year attracted by seemingly limitless price hikes are now burned.
Unhooked from gold
But the most established investors in cryptocurrencies are in a moment of great doubt. The very strong disconnect between Bitcoin and gold also weighs. In fact, during the last year this perception of a Bitcoin in some way linked to gold had spread strongly in a sort of twinning between possible shelters for moments of panic. But in the context of this serious international crisis that perhaps no one foresaw with this gravity and intensity, gold and Bitcoin broke off sensationally.
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As Bitcoin continued to plummet, gold shot up. Surely the cryptocurrency queen still has a lot to say, this is clear but in the current scenario investors are understandably confused. Much will depend on the evolution of the international crisis underway because as long as the tension lasts, the price of the queen of cryptocurrencies will hardly be able to regain momentum.
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