- Market is bullish for gold now, but equities and bitcoin are pulled down by bears, thanks to the anarchist approach used by Russia over Ukraine.
- Russian Ruble has lost its grip too, and it just witnessed a prominent loss in contrast to USD. 1 Russian Ruble equals 0.0072 in US Dollars currently.
- Vladimir Putin, Russian President, declared military operation on the lands of their neighbor Ukraine, which is spreading like a wildfire now.
Gold Marks $2,000
War among Ukraine and Russia is still ongoing after Putin declared the invasion on February 24. In spite of negotiations, the flames of war are reaching the skies. This has affected gold affirmatively — a legacy safe haven — to spike ion value and even touched $2,000 for the initial time in months.
Step taken by Vladimir Putin has sent conventional share markets as well as crypto assets in shambles as they shed a vital numbers in their value. A day after, there was a mammoth recovery, but it now seems like a bounce is meeting end of the road now.
In any case, after all this, gold value is spiking, once again offering a safe house narrative. As of this writing, gold was trading at a market value of $1983.74, but topped $2001.06 just a few hours earlier.
Source: TradingView
Bitcoin and Equities Lose Grip
While gold is climbing up the hill, these are hard times for risk-on assets, there’s no denying. Bitcoin was trading at a market value of $38,741.67, facing a bearish trend in past 6 days. In short, it is back to where it was trading before its climb following the war, and it is vital to see how values bode at this rate.
Source: TradingView
Equity market are also facing a similar downside. DOW Futures are down 1% during pre-market hours, same for NASDAQ and S&P 500.
Ruble Weakens
Amid the Russian invasion of Ukraine, Ruble has slipped by its face on the ground. As of this writing, Ruble had the value of $0.0072
Countries are imposing sanctions on Russian continuously, and prominent organizations operating on Russian lands have taken their foot back and have ceased operations.
If the Russian forces keep invading Ukrainian lands, further fall is expected in Russian Ruble, as the world disconnects with Russia.