Investors are shunning bitcoin and other digital currencies in favor of traditional safe-haven assets like gold.
The price of major cryptocurrencies is slumping as the conflict between escalates. Bitcoin fell to $36,370 on Tuesday after being as high as $44,125 a week ago, while other popular digital coins, including Ether, Ripple and Solana, have also tumbled recently. Analysts said the declines show that cryptocurrencies are a poor choice for investors seeking stability in periods of market turmoil, in contrast to traditional hedges against risk like gold and U.S. Treasury securities. « Bitcoin’s safe haven narrative has almost completely fallen apart as the rising possibility of military conflict and the worsening U.
