LONDON: Cryptocurrencies have been close to the headlines since Russia invaded Ukraine, with the ever-volatile bitcoin in demand in Russia and beyond. Here are some charts that look at how cryptocurrencies have fared during the largest attack on a European country since World War Two.
Correlated or not? That’s long been the question for bitcoin , with the original cryptocurrency at times marching to the equity beat — and at other times not. Bitcoin initially slumped after Russia launched its assault on Ukraine as investors dumped riskier assets, falling as much as 8% on Thursday before clawing back losses on the day.
European stocks fell 3.3% while the S&P 500 added 1.5%. The paths of bitcoin and stocks have since entwined again, albeit to differing degrees. Bitcoin jumped 14.5% on Monday in its best day in a year, and now stands up 12% since the day before the invasion began on Feb. 24. US stocks have made smaller gains, with the S&P 500 edging up 3.3%. MSCI’s world index is down slightly.