Bitcoin Reacts To Russia Ukraine Invasion



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

Bitcoin continued to behave like a high beta, risk-on asset similar to most of the overvalued tech sector. As Russia’s announcement of military intervention was proliferating across financial markets, U.S. equity markets reached as far down as -3% in the night session, with bitcoin also plummeting to a low of $34,300, before bottoming and aggressively rebounding to a high of $40,000 in a large short squeeze.

Bitcoin price weighted by perpetual swap funding rates

Bitcoin short squeeze boosts the price while risk assets trade as if maximum fear and uncertainty are priced in after the declarations of war.

Bitcoin price drawdown from all time highs


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