Bitcoin Wilts as Russia-Ukraine Tensions Push Gold to 8-Month High

Analysts foresee more pain for bitcoin if the geopolitical tensions escalate. “Bitcoin is the ultimate risky asset, and a Ukraine invasion would keep crypto selling pressure going another 10%-15% over the short term,” Oanda’s Moya said. According to the latest reports, Russia is withdrawing military forces from near Ukraine. The futures tied to the S&P 500 were up 0.5% at press time, while bitcoin was up 0.6% at $40,700.