Bitcoin Reaches All-Time High Amid Ukraine-Russia Conflict

2 hours ago

Amid rising tensions between Ukraine and Russia, Bitcoin showcased resilience by reaching a new all-time high.

Impact of the Conflict on Bitcoin

Ukraine attacked Russian territory with ATACMS missiles after approval from the Biden administration on the 1,000th day of the conflict. Despite geopolitical tensions, Bitcoin reached a new all-time high of $94,000.

Major Market Shifts

Previously, the Ukraine crisis led to an 8% decline in Bitcoin's price to $34,000. However, this time Bitcoin demonstrated growth, confirming its new role as a safe-haven asset. Over the past 24 hours, Bitcoin's price remained above $92,500, despite a slight correction.

Bitcoin's Future as a Safe Asset

Cory Klippsten, CEO of Swan Bitcoin, believes Bitcoin is transitioning from a speculative asset to a macroeconomic refuge. 'We might be witnessing the transformation of Bitcoin into a safe-haven asset amidst geopolitical instability,' he notes.

Traditionally, geopolitical instability sends investors flocking to safe-haven assets like gold or the dollar. But Bitcoin’s recent all-time highs indicate it’s entering a new role as a hedge against both money printing and geopolitical risk.Cory Klippsten

In the face of global crises, Bitcoin continues to strengthen its position as a reliable asset, showing resilience amid worldwide instability.

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