More than $150 billion has been wiped off the entire cryptocurrency market in the last 24 hours, according to Coinmarketcap data.
Analysts said the declines show that cryptocurrencies are a poor choice for investors seeking stability in periods of market turmoil, in contrast to traditional hedges against risk like gold and U.S. Treasury securities.
“Bitcoin’s safe haven narrative has almost completely fallen apart as the rising possibility of military conflict and the worsening U.S.-Russia relationship puts the wider financial market in risk-aversion mode,” Yuya Hasegawa, a crypto market analyst for Bitbank in Japan, said in a research note.
The price of gold rose to $1,907 an ounce on Tuesday, its high for the year. Investors are also flocking into U.S. government bonds, driving up Treasury prices while pushing down their yields, which move in opposite directions.
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