Bitcoin (BTC) recovered from one-week lows on March 8 after a lack of progress in Russia-Ukraine talks sent markets tumbling.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Commodities “trading like meme stocks”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing at $37,170 on Bitstamp after Monday’s Wall Street open.
Overnight progress maintained support, with the pair trading at around $38,500 at the time of writing.
Crypto and stocks had reacted badly to the third round of negotiations to end hostilities between Russia and Ukraine ending in a lack of consensus.
“There are small positive subductions in improving the logistics of humanitarian corridors… Intensive consultations have continued on the basic political block of the regulations, along with a ceasefire and security guarantees,” negotiator Mykhailo Podolyak nonetheless tweeted as part of feedback following conclusion of the talks.
The news was not enough to provide any form of hope, however — U.S. stocks trended down throughout the session, the S&P 500 ending Monday with 2.95% losses.
Commodities, meanwhile, saw spikes which were often unprecedented, such as nickel jumping past $100,000 per ton on the London Metal Exchange.
Commodities are trading like meme stocks.
Wheat +17%, +75% YTD. pic.twitter.com/04T2h5aRmR
— Dylan LeClair (@DylanLeClair_) March 8, 2022
At the same time, pain continued for Russia, with only ruble-exposed investors hedging in BTC seeing some form of relief. On Monday evening, BTC/RUB hit new all-time highs of just over 5 million on Binance.
BTC/USD 1-day candle chart (Binance). Source: TradingView
Amid the mayhem, and despite Bitcoin’s lackluster price reaction as a safe haven paradoxically correlated with stocks, there were nonetheless votes of confidence from diehard supporters.
“The world is watching trust get repriced in real time,” Marty Bent, founder of Bitcoin media company TFTC summarized.
“When the dust settles bitcoin will be the biggest benefactor bc the masses will realize a distributed system that cannot be controlled by a single person, government, corporation or…..