Crypto Market Tries to Recover With Ukraine Negotiations in Focus; Gold & Commodities Rise
Bitcoin (BTC) and several other major cryptoassets initially fell on Monday, before buyers showed up later in the trading day to offer relief. At the same time, the US dollar, gold, and a large number of other commodities continued on a surge higher, as a ban on Russian oil imports seem to be on the table.
At 13:50 UTC, BTC stood at USD 38,950, unchanged for the past 24 hours and up 3.2% for the week. Meanwhile, ethereum (ETH) stood at USD 2,615, down 1% for the day and 0.5% for the week.
The action for the crypto market happened as gold rose above the key USD 2,000 level in morning trading in Europe – its highest level since August 2020. As of press time, however, gold had retraced significantly from its high, trading at USD 1,969.
Other commodities, most notably oil and natural gas also rose higher, with European Brent crude oil reaching highs above USD 130 in early trading, its highest since June 2008. As with gold, however, the oil price also retraced from its high, trading at around USD 124 as of press time.
Meanwhile, stock markets across Europe also recovered after heavy losses earlier on Monday, with the STOXX Europe 600 index down 0.3% for the day, after being down as much as 3.8% earlier. In the US, S&P 500 futures pointed an opening on Wall Street 0.36% lower.
The moves in the market followed news today that Russia and Ukraine will once again meet for cease-fire negotiations in Belarus later in the day. In addition, reports also emerged on Monday that the foreign ministers from Ukraine and Russia will meet for talks in Turkey on Thursday.
Despite prices currently indicating a stronger appetite for traditional safe havens than for crypto, data from the crypto research and investment firm CoinShares showed that
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