Bitcoin curbs losses after US bans Russian oil, gold hits record highs

Bitcoin (BTC) was erased and later recovered its daily gains on March 8 when US President Joe Biden announced a complete ban on Russian oil imports.

BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView

BTC comes full circle, while gold steals the show

Data from Coin-Crypto Markets Pro and Trading Display followed BTC/USD as it aimed at $38,000 an hour after Wall Street opened.

After hitting $39,240, the pair quickly changed course when Biden confirmed the plans, adding to oil’s already strong gains and putting further pressure on stocks and risky assets.

“Today I announce that the United States is targeting the main artery of the Russian economy,” he said. said at a press conference.

“We are banning all imports of Russian oil, gas and energy. That means Russian oil will no longer be acceptable in American ports and the American people will deal another powerful blow to Putin’s war machine.”

Brent oil rose to $133 on the announcement, while US stocks had little to celebrate, with the S&P 500 falling 0.5% on the day at the time of writing.

Bitcoin, still within a known range, nevertheless avoided major losses as it returned to $39,000.

“I don’t know what will happen with the US price action embargo. A natural reaction would be for USOIL to go up a bit, while risk-bearing assets fall,” CoinTelegraph contributor Michaël van de Poppe nevertheless said. argued

“I actually think the opposite happens with the impact of a ‘buy the rumour, sell the news’ event.”

Gold, meanwhile, took advantage of the latest twist in the Russia-Ukraine saga, bouncing back above $2,000 an ounce to hit all-time highs.

XAU/USD 1-week candlestick chart. Source: TradingView

Have the shares fallen yet?

Likewise, not everyone was fully convinced that stocks had the worst ahead of them.

Related: Bitcoin Stayed Below $40K, But BTC Price Hits Another All-Round High Against the Russian Ruble

In what should be a bright spot for Bitcoin bulls, popular analytics account BTCfuel flagged the stock market-related economic uncertainty index, showing that — if history is any guide — equities may have already hit their trough.

“During the 6 times this has happened, the peak uncertainty was during the great capitulation. More importantly, the shares rose in the months that followed, after 3 months on average 18% higher,” they said added

The last and only significant event in Bitcoin’s lifespan was the March 2020 COVID-19 crash and its consequences.

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