Bitcoin briefly fell below $37,000 on Tuesday, its lowest level in more than two weeks. Equities also fell as tensions between Russia and Ukraine escalated, weighing on risk appetite.
Bitcoin BTC -0.17% prices fell as low as $36,831 on Tuesday morning after Russian President Vladimir Putin announced the recognition of two “republics” in eastern Ukraine.
Bitcoin fell below $40,000 over the weekend and continued to weaken as the crisis in Ukraine deepened, undermining the view that cryptocurrencies are a safe haven in times of geopolitical turmoil. Meanwhile, gold prices hit their highest level since June last year and are now near $1,910 an ounce.
Rock predicts that Bitcoin could fall below $30,000, which could push gold prices to all-time highs as traders increasingly favor gold.