Bitcoin Recovers When The United States Prohibits Russian Oil, But Gold Reaches New Highs.

2022-03-10 | Selina Mathew

Bitcoin Recovers When The United States Prohibits Russian Oil, But Gold Reaches New Highs.

Bitcoin (BTC) lost and then regained its daily profits on March 8 when US President Joe Biden declared a total embargo on Russian oil imports.

BTC completes its cycle, but gold takes the stage.

Information from  TradingView, tracked BTC/USD as it approached $38,000 an hour following Wall Street opened on Tuesday.

After reaching $39,240, the pair quickly reversed course as Biden verified the intentions, adding to oil's recent robust gains and putting more pressure on equities and risk assets.

On the news, Brent crude reached a high of $133 per barrel, but US equities had nothing to cheer about, with the S&P 500 down 0.5 percent on the day.

Bitcoin, which is currently trading within a typical pattern, averted serious losses by bouncing back to $39,000.

Nevertheless, gold jumped back beyond $2,000 per ounce on the newest turn in the Russia–Ukraine conflict, aiming for all-time highs.

Have stocks really reached their bottom?

Likewise, not everybody is persuaded that the hardest was yet to come for stocks.

"The biggest confusion came amid the massive collapse for the six occasions this occurred." More crucially, equities rose in the months that followed, rising by 18% on average following three months," they noted.

The most recent and major event in Bitcoin's history was the March 2020 COVID-19 collapse and its aftermath.

 

 

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