The precious metal was a hair off a USD peak weekday, running higher with oil and alternative commodities, whereas stocks suffered. 


Bitcoin (BTC) erased then recovered its daily gains afterward March eight as united states President Joe Biden declared a complete ban on Russian oil imports. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC comes full circle, while gold steals the show

Data from Cointelegraph Markets professional and TradingView followed BTC/USD because it targeted $38,000 associate hour once Tuesday’s Wall Street open. 

Having hit $39,240, the try fleetly modified trajectory as Biden confirmed the plans, that intercalary to oil’s already sturdy gains and more pressured stocks and risk assets. 

“Today, I’m asserting that the us is targeting the most artery of Russia’s economy,” he same at a news conference. 

“We’re banning all imports of Russian oil and gas and energy. which means that Russian oil can not be acceptable at U.S. ports, and yank folks can deal another powerful blow to Putin’s war machine.” 

Brent crude rose to highs of $133 on the announcement, while U.S. stocks had very little to celebrate, the S&P 500 down 0.5% on the day at the time of writing. 

Bitcoin, still among a well-recognized vary, nonetheless avoided major losses because it bounced back to $39,000. 

“I don’t know what’s aiming to happen with the U.S. embargo on the value action. Natural reaction would be that USOIL goes up some additional, whereas risk-on assets are dropping,” Cointelegraph contributor michael van de Poppe even so argued. 

“I actually think the opposite takes place with the impact of a ‘buy the rumor, sell the news’ event.”

Gold, meanwhile, capitalized on the most recent twist within the Russia–Ukraine heroic tale, bouncing back higher than $2,000 per ounce to focus on incomparable highs. 

XAU/USD 1-week candle chart. Source: TradingView

Have stocks already bottomed?

Similarly, not everybody was completely convinced that stocks had their worst previous them. 

( William Suberg, Cointelegraph, 2022 )