The BTC/USD pair continued its bearish trend during the weekend as geopolitics concerns remained.
prices soared. Gold, which is often seen as a safe haven, rose to the highest level in more than 6 months. As a result, the overall divergence between gold and Bitcoin has widened, considering that the latter has dropped by over 40% from its all-time high. Therefore, investors seem to be believing that gold is a better hedge against risks than Bitcoin.
There are two main drivers to Bitcoin’s performance in the past few months. First, there is the ongoing crisis in Europe, where there are worries that Russia will attack Ukraine. The crisis has triggered a substantial sell-off in stocks, which have a close correlation with Bitcoin.
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