Gold Prices Hit $2000 While BTC And Equities Drop: Analysis

Time Stamp: March 7, 2022 7:35 AM
Source Node: 1203910

Gold prices hit $2000 today amid the war in Ukraine while Bitcoin and equities dropped as we can see more today in our bitcoin news.

The war between Russia and Ukraine has been going on for two weeks now and despite the negotiations, the conflict moves on. The turmoil caused gold as a safe haven to surge in price and hit $2000 for the first time in months. The Russian president Vladimir Putin announced that his country will conduct a military operation in Ukraine which turned out to be a war. The move sent traditional stock markets and cryptocurrencies as they lost a huge chunk of their value and a day later, there was a strogn recovery but it seems that the bounce is now coming to an end.

tradingview
Source TradingView

In any case, amid all this, the gold prices were surging, and once again they provided merits to the safe haven narrative. At the time of writing, gold is trading below $2000 but it peaked at around $2001 a few hours ago. The last time it was tradign this high was back in August 2020. while the gold prices surge, the risk-on assets are not having the best time and BTC is down by 13.5% in the past six days and it is also trading near $38,000 at the time of writing. We are back where the crypto was tradign at before the war and it is essential to see how the prices are boding at this rate.

The equities markets are faring badly as well. DOW Futures are down by 1% in the pre-market hours on Monday which is also true for both the NASDAQ and S&P 500. it is interesting to see how markets will behave during the US trading sessions once Wall Street Opens.

tradingview
Source TradingView

Also as earlier reported, Bitcoin saw another price drop and this time it dipped to a weekly low of $37,500 with the altcoins are in the red once again and ETH went down to $2500 and SOL losing 5%. Fantom tumbled 15% after the claims that Andre Cronje will be leaving the cryptocurrency space. A week ago, Bitcoin initiated a huge leg up that resulted in a $6,000 surge in the days after the Western powers will not get involved in the war between Russia and Ukraine. This resulted in a price pump to $45,000 and above this level which will become a three-week high. However, the bears intercepted a move and reversed the BTC trajectory right after.

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