The bitcoin market has also been affected by growing concerns about Russia's invasion of Ukraine.
But Bitcoin has been falling in the last 24 hours and is currently trading at around $ 37,794.
But the oil situation is quite the opposite. Just look at the price of oil and realize that this war has had a huge impact on the price of oil and safe-haven assets like gold.
But what is the reason for this?
In my opinion, because of the war, most people avoid high-risk assets such as bitcoin and other digital currencies!
+How many wars have Bitcoin experienced so far?
-Nothing
So it is natural that most people, because they do not know the reaction of bitcoin, turn to other assets such as gold and oil. The escalation of the conflict between Ukraine and Russia will also cause more fear among investors.
But Bitcoin has been falling in the last 24 hours and is currently trading at around $ 37,794.
But the oil situation is quite the opposite. Just look at the price of oil and realize that this war has had a huge impact on the price of oil and safe-haven assets like gold.
But what is the reason for this?
In my opinion, because of the war, most people avoid high-risk assets such as bitcoin and other digital currencies!
+How many wars have Bitcoin experienced so far?
-Nothing
So it is natural that most people, because they do not know the reaction of bitcoin, turn to other assets such as gold and oil. The escalation of the conflict between Ukraine and Russia will also cause more fear among investors.
Bitcoin's price has been fluctuating prior the Russia-Ukraine war. Somehow, bitcoin is impacted by it due to perhaps panic, but I believe it will eventually bounce back like it always does. Right now, what is really alarming is the oil price hike due to the conflict. The price of oil is largely affected since Russia supplies oil in most countries.
This is the ugly repercussion of a war especially if a country involved is the one who exports goods. Since Russia is sanctioned, they have said it in news even before that if that will continue, the price of oil will rise up so much. And true to their words, indeed, the price of oil is massively increasing as time passes by.
Here in our country, the price of oil almost hit twice its original price before the war. And maybe in the next few weeks it would even exceed the twice original price and hit triple. It's frustrating most especially to the working class because whenever oil price moves, everything follows. Transportation fees, price of goods such as raw materials and processed ones. Hopefully, the war will be over soon and everything will come to normal. It's just so hard to live nowadays because everything goes up, except the wage.