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Ethereum
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$1,625.80 -1.01712
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BNB
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$605.36 0.20792
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Solana
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$139.51 -0.42377
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XRP
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$2.10 -1.29398
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Shiba Inu
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$0.0000125 -1.23813
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Pepe
Pepe (PEPE)
$0.0000081 3.47356
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Bonk
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$0.0000129 1.80516
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dogwifhat
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$0.435147 -1.55203
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Popcat
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Bitcoin
Bitcoin (BTC)
$88,527.00 1.18317
Bitcoin price
Ethereum
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$1,625.80 -1.01712
Ethereum price
BNB
BNB (BNB)
$605.36 0.20792
BNB price
Solana
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$139.51 -0.42377
Solana price
XRP
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$2.10 -1.29398
XRP price
Shiba Inu
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$0.0000125 -1.23813
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Pepe
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$0.0000081 3.47356
Pepe price
Bonk
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$0.0000129 1.80516
Bonk price
dogwifhat
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$0.435147 -1.55203
dogwifhat price
Popcat
Popcat (POPCAT)
$0.297407 16.22188
Popcat price
Bitcoin
Bitcoin (BTC)
$88,527.00 1.18317
Bitcoin price
Ethereum
Ethereum (ETH)
$1,625.80 -1.01712
Ethereum price
BNB
BNB (BNB)
$605.36 0.20792
BNB price
Solana
Solana (SOL)
$139.51 -0.42377
Solana price
XRP
XRP (XRP)
$2.10 -1.29398
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 -1.23813
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000081 3.47356
Pepe price
Bonk
Bonk (BONK)
$0.0000129 1.80516
Bonk price
dogwifhat
dogwifhat (WIF)
$0.435147 -1.55203
dogwifhat price
Popcat
Popcat (POPCAT)
$0.297407 16.22188
Popcat price

How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict

Markets
How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict

Bitcoin showed resilience as the escalating tension between Ukraine and Russia signaled a shift in how investors perceive the digital gold.

Ukraine attacked Russian territory with U.S. ATACMS missiles, fired at a military facility, after the Biden administration granted permission to do so on Nov. 19 — the 1,000th day of the ongoing conflict between the two countries.

Bitcoin (BTC) did not witness a bearish blow, unlike the previous macro tensions. Instead, the flagship cryptocurrency rose to an all-time high of $94,000 with a market cap of $1.86 trillion.

How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict - 1
BTC price | Source: crypto.news

Cory Klippsten, the CEO of Swan Bitcoin, told crypto.news that this behavior could reflect a maturing Bitcoin’s store-of-value narrative.

“Traditionally, geopolitical instability sends investors flocking to safe-haven assets like gold or the dollar. But Bitcoin’s recent all-time highs indicate it’s entering a new role as a hedge against both money printing and geopolitical risk.”

Klippsten said.

The major shift

In February 2022, the Ukraine crisis brought an 8% decline in the Bitcoin price to $34,000 as the crypto market witnessed a $150 billion wipeout.

Quite similarly, the leading crypto asset fell by 4% to $61,000 just hours after the Israel-Iran conflict escalated in October this year. 

“While traditional markets may continue reacting to geopolitical volatility, Bitcoin stands as a counterpoint, a lifeboat asset for those seeking uncorrelated security,” Klippsten added.

Despite a slight correction from its latest ATH, Bitcoin is still up 1% in the past 24 hours and is trading at $92,500. The global crypto market cap decreased by 1.7%, reaching $3.203 trillion, CoinGecko data shows. 

Gold gained 0.1% and is trading at $2,636 — still down by 3.3% over the last 30 days. The crude oil WTI futures, on the other hand, fell 0.09% to $69.17 a barrel.

How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict - 2
Gold price | Source: Trading View

The Swan Bitcoin CEO believes that Bitcoin’s recent ATH could potentially solidify it as the go-to asset for uncertain times. “We could be witnessing Bitcoin’s transition from a speculative asset to a macroeconomic refuge,” Klippsten concluded.