War in Ukraine Deals Heavy Blow to Bitcoin

Bitcoin is not a financially safe haven to flee to, now that the war Ukraine is unfortunately a fact.

The financial markets are reacting deeply affected to all developments in Ukraine. Now that the war has really started it is hectic. In times of war, gold has proven to be a stable refuge and even now people play it safe on gold. For the time being, gold has not fallen but even increased in value by one percent. Bitcoin is often described as the digital gold, but the war between Russia and Ukraine shows that it is not yet the case in practice.

Bitcoin is volatile and goes along with the negative trend of the financial markets. When it became known that Russia had started the attack on Ukraine, the cryptocurrency fell by nine percent in value. The preliminary low was $34,338 on Coindesk this morning. Since then, the price has climbed a bit again to a price of more than $ 35,400.

Bitcoin and Ukraine

The developments are unpredictable. Not only for Bitcoin, but also for the stock market. Bitcoin owners are aware of this all too well. The common man is also affected by the developments. Think of rising petrol prices when you have to refuel by car. Financially there are only losers for the time being.