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 underperforming 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 Crypto is feeling the market heat. Here’s what you should do Crypto exchange Binance gets French regulatory nod in European push Gucci to start accepting crypto payments in select US stores Bitcoin tests $39,000 in push toward high end of trading range