Home Industry Finance Bitcoin extends dip below $40,000 as gold surges further The largest cryptocurrency dropped as low as $36,831 on Tuesday morning by Bloomberg February 22, 2022 Bitcoin dropped to a more than two-week low, tumbling along with equities as escalating tensions between Russia and Ukraine weighed on risk appetite. The largest cryptocurrency dropped as low as $36,831 on Tuesday morning in Asia after Russian President Vladimir Putin said he’s recognising two self-proclaimed separatist republics in eastern Ukraine. Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil. At the same time, gold has reached its highest level since June. “In the globe’s latest maelstrom – US/Russia/Ukraine – Bitcoin, the asset purported to be the answer to every question, has quietly weakened and is notably under-performing its arch-enemy, gold,” said John Roque of 22V Research in a note on Monday. Roque predicted Bicoin may fall below $30,000 as traders increasingly favour gold, potentially pushing bullion to an all-time high. Tags Bitcoin cryptocurrency equities gold Traders 0 Comments You might also like UAE’s newest stablecoin gets nod from Central Bank ‘Make Bitcoin Great Again’: Eric Trump attends Abu Dhabi crypto gathering Bitcoin tops $100,000 as bets on Trump fuel crypto euphoria Gold prices in UAE fall as global trends weigh on bullion