June 24, 2024

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Bitcoin Reacts to Invasion of Russia and Ukraine

Bitcoin Reacts to Invasion of Russia and Ukraine

The following is from a recent issue of Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these and other on-chain Bitcoin market insights straight to your inbox, subscribe now.

Bitcoin continues to act like a high-risk beta asset similar to most of the overvalued tech sector. With the spread of Russia’s announcement of military intervention in the financial markets, US stock markets reached a decline of -3% in the overnight session, with Bitcoin also dropped to $34,300, before bottoming out and then rebounding strongly to $40K in a major short squeeze..

Bitcoin price is weighted by perpetual swap funding rates

The short squeeze on Bitcoin is boosting the price while risk assets are trading as if maximum fear and uncertainty were priced in after the war was declared.

Bitcoin price drops from all-time highs

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