Bitcoin Shows Surprising Resilience Amid Russia Aggression-Provoked Selloff

cryptonews.com:

Although the price of nearly all risk assets, including bitcoin (BTC) and other major cryptassets tumbled on Thursday as Russia launched a full-scale invasion of Ukraine, some are surprised as BTC performed better than expected and even recovered some of its losses.

For now, BTC appears to have found firm support above the USD 34,000 level, having gained more than 5% from its low of just over USD 34,300 earlier in the day.

At 17:00 UTC on Thursday, BTC stood at USD 36,055, down 7% for the past 24 hours and 8% for the week. At the same time, ethereum (ETH) traded at USD 2,467, down 9% for the day and 21% for the week.

BTC price past 30 days:

And while cryptoassets suffered, commodities such as oil, natural gas and gold all soared higher in price today.

As of this writing, brent oil traded at just over USD 103, moving above the important USD 100 level earlier in the day for the first time since 2014 in what marks a significant shift in the price of oil.

Meanwhile, natural gas also traded up significantly today, with UK-listed natural gas futures rising 11.7% for the day. The rising prices for natural gas came after both Germany and the US stated that approval of the much-discussed Nord Stream 2 gas pipeline from Russia to Germany now has been put on hold.

Lastly, the traditional safe-haven gold also rose sharply as reports emerged that Russia had launched a full-scale attack on Ukraine. At its peak earlier today, the price of gold touched USD 1,974, its highest since September 2020. As of press time, however, the gold price had retraced to around USD 1,922 and was up 0.73% for the day.

“Definite breakout on gold,” technical analyst and founder of trading group The Birb Nest, CryptoBirb (Adrian Zduńczyk) said as the yellow metal