![]() The case for Bitcoin as a “safe” asset like gold is weakening, because of its volatility and increased correlation to stock markets, says Ben McMillan, chief investment officer of IDX Digital Assets. For crypto investors, here’s what they say is moving the market right now: Crypto Is Tracking the Stock Market How Experts Are Reacting to Swinging Crypto PricesĮxperts say Russia’s invasion of Ukraine has pummeled risk assets while traditional safe havens like gold and the U.S. Here’s what crypto experts are saying about this week’s crypto market volatility, spurred by Russia’s invasion of Ukraine. With no signs of a slowdown to what President Biden described as an act of war on the part of Russian President Vladimir Putin, experts say cryptocurrency investors should expect more volatility ahead.īut as with regular crypto volatility, experts say investors should stay the course with a long-term strategy. Ethereum’s price drop is its lowest point since late January, with global stock markets sinking as well. ![]() Bitcoin has dropped by more than 30% since its November high of $68,990 thanks to the recent geopolitical tensions in Europe, looming inflation, and the prospect of interest rate hikes by the U.S. “It’s going to make it that much more difficult for investors to stick to their strategies.”īitcoin dropped below $35,000 and Ethereum dropped below $2,400 immediately after the invasion started, though both have risen since then. “Regardless of asset class, there’s a tremendous amount of volatility that comes with war,” says Doug Boneparth, a certified financial planner and founder of Bone Fide Wealth. The invasion has also upended life for Ukrainian citizens, many of whom have sought to flee the country as Zelensky urges others to prepare to defend their homes against Russian soldiers and attacks.Īs the war continues, volatility in global financial markets, including cryptocurrency, is sure to follow, experts say. Experts also fear a significant human toll, with Ukrainian President Volodymyr Zelensky announcing more than 100 Ukrainians were killed after the first day following the invasion. The global financial implications are just one of the many costs of war. Russia’s invasion of Ukraine last week has brought even more volatility to the crypto market, experts say. For more information, see How We Make Money. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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