Years ago, many descriptions of Bitcoin emerged as a safe haven and digital gold.

Bitcoin proponents have argued that the largest cryptocurrency by market capitalization is what to invest in during a bear market.

But the story seems to be changing.

Bitcoin, which now has a market capitalization of $728 billion, has been closely linked to stocks since the 2020 rally.

In the past hours, the entire cryptocurrency market lost $200 billion after Russia’s invasion of Ukraine as investors dumped riskier assets (including stocks) and Bitcoin, the largest and most popular digital asset, suffered.

Here are the “safe haven” investments that have outperformed Bitcoin:

Read:Zimbabwe Stock Exchange Opens Its Doors to Listing Cryptocurrencies Subject to “Regulatory Approval”

gold:

Gold, the oldest safe-haven asset.

The price of gold rose to its highest level in a year and a half after the Russian invasion, as spot gold rose 0.9% to $1,923.86 an ounce, according to Reuters data.

Gold usually performs well during times of geopolitical tension.

Incidentally, Russia currently has $635 billion in gold reserves, which it said would protect it from sanctions.

Oil:

Oil also rose after news of the Russian invasion, with its price reaching a seven-year high of more than $100 a barrel.

War in Europe: Putin invaded Ukraine and the markets display all the predictable reactions, selling stocks and buying safe havens. Gold rose 2% and oil jumped over $100 a barrel. A look at the next day in the markets from the Morning Bid Tweet embed

– Reuters February 24 2022

This is because Russia is the second largest exporter of the commodity, most of which passes through pipelines that run through Ukraine.

Uncertainty about future availability has driven the price up.

Read:Report: 11% of all Bitcoin is controlled by a few large addresses (whales)

Accordingly, the “black gold”, as investors describe it, has performed very well since the spread of the Corona virus, outperforming many other investments.

Metal:

Metals rose today as well.

As with oil, Russia is a major producer of minerals, so uncertainty and sanctions against the country could squeeze supplies and raise prices.

Read:Hackers can hack Microsoft’s email service and steal cryptocurrency

Major nonferrous metals prices rose 5% Thursday morning.

Nickel, copper, and aluminum all performed well.

The price of aluminum reached a record high of $3450 per metric ton.

foreign currency:

A number of foreign currencies have the safe haven badge.

This includes the US dollar, which responded well after the Russian invasion.

The dollar rose to $97.740 against a basket of major currencies, its highest level since June 30, 2020, according to Reuters data.

While the Japanese yen and the Swiss franc also performed well.

Read also:

Someone paid $553,000 in gas fees to mint an NFT.

Elliptic partners with the NEAR crypto project to improve the security of blockchain networks