Bitcoin stealth rally camouflaged by a renewal of risk appetite
Bitcoin, the largest digital asset by market value, rose as much as 5.3% to $43 326.
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Bitcoin, the largest digital asset by market value, rose as much as 5.3% to $43 326.
Safe havens like bonds, gold and the US dollar rallied on Monday, while classic risk-sentiment proxies like the Australia dollar tumbled.
Investors face soaring global commodity prices on top of already elevated inflation and slowing global growth after the pandemic recovery.
But the futures contract last traded on Saturday morning, before the US and Europe unleashed another round of sanctions targeting Russia’s financial system.
Bitcoin is proving once again that its long-touted classification as an uncorrelated asset is more folklore than fact.