Bitcoin confirms its decline, already down by 7% on the eve in the wake of the growing geopolitical tensions that have caused a generalized risk-off on the markets. Today, the world‘s largest cryptocurrency saw its prices drop below $ 40,000 for the first time in two weeks. A low in the area of $ 39,700 has been reached. The Ethereum is also bad, traveling in the $ 2,800 area, down by 6% in the last 24 hours (Coin Desk data).
Yesterday’s sharp drop coincided with the worst day of 2022 for the Dow Jones index with correlation with stock market movements up sharply compared to 2021 and cryptocurrency tending to move hand in hand with growth-sensitive assets such as stocks and no longer serve as a hedge against inflation or a safe haven as had been indicated by bitcoin supporters in the recent past.