Bitcoin rebounds above $35,000 after Russia's Ukraine incursion costs the market 12%.
Asian stocks were already feeling the pressure, with Hong Kong's Hang Seng index down 3.5% and the Nikkei reaching a 15-month low.
As traders waited to the see the full impact on European and United States stock markets, Bitcoin market participants took stock of what the geopolitical events could mean for the largest cryptocurrency. "So there are arguments both ways for what should be happening to BTC right now. I'm not really sure I would have guessed it would go down based on the fundamentals. But it is down, a lot! Why?" Sam Bankman-Fried, CEO of trading giant FTX, queried in a"Well, let's say there are 2 types of people in the world: fundamental investors and algorithm followers. Fundamental investors look at the situation and are uncertain which direction BTC/USD should move.
He added a warning that the Ukraine saga could be financial consequences even for its EU neighbors' financial robustness and that"alternatives" may have a place in their strategies. At the time of writing, BTC/USD was attempting to make up for some of its lost ground, having so far remained aboveIn Russia, meanwhile, the central bank announced that it would be intervening in the currency markets after the ruble hemorrhaged value due to the latest developments.
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