It is impossible to predict how a Russia-Ukraine conflict might affect global markets. It is not unusual for investors to rush to bonds during major risk events, as they usually view bonds as safest assets, and this time may be no different. Gold is also seen as a refuge in times of conflict or economic strife. However, as with the Russia-Georgia war in 2008, the Ukrainian crisis should also have a negative impact on commodities like oil, as the country is a major supplier of crude and natural gas to Europe. This could negatively impact the prices of many other commodities, including food and other necessities. As a result, it could negatively impact the crypto market, since when an economy is in crisis, people give up the riskiest investments and focus on the most basic needs. Nevertheless, I personally think a war will never take place, since, in such a scenario, both sides would be at a loss.