Bitcoin Reacts to Invasion of Russia and Ukraine

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Bitcoin continues to act like a high-risk beta asset similar to most of the overvalued tech sector. With the spread of Russia’s announcement of military intervention in the financial markets, US stock markets reached a decline of -3% in the overnight session, with Bitcoin also dropped to $34,300, before bottoming and rebounding strongly to $40K in a major short squeeze..

Bitcoin price is weighted by perpetual swap funding rates

The short squeeze on Bitcoin is boosting the price while risk assets are trading as if maximum fear and uncertainty were priced in after the declaration of war.

Bitcoin price drops from all-time high

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