Why is bitcoin losing value at a time of conflict? Isn't it intended to do the opposite?
Pretty simple, if you're from a region that has conflict, you're better off with fiat than bitcoin so you trade that bitcoin for fiat and hopefully it would be enough for you to survive for awhile at least until the aides and help come which might take a long time because in a war, most resources are focused on offensive and defensive efforts of the country.
Now one of my friends lives in Ukraine, which is occupied by advancing Russian troops. He says that only paper money circulates there now. Banks have suspended their work and non-cash money cannot go. For the same reason, you cannot use cryptocurrency, since you need to cash out through your bank account. Maybe that's why this war does not affect the price of the cryptocurrency.