Bitcoin slides to $38K as geopolitical crisis weighs on risk assets

Bitcoin (BTC-USD -2.7%) on Tuesday fell to as low as $36.3K per token, as tensions between Russia and Ukraine weigh on a broad spectrum of risk assets. The world's largest digital coin has since edged higher to $37.9K. The global crypto market is down 3.4% in the past 24 hours. All three major U.S. indices slide, with the Nasdaq (COMP.IND) -0.3% and S&P 500 (SP500) -0.3% erasing gains from earlier, and Dow Jones (DJI) -0.7% falling below 34K. Moreover, “Bitcoin’s inability to hold $40,000 amid heightened Ukraine tensions means $30,000 is back in play,” Nexo Co-Founder and Managing Partner Antoni Trenchev told Bloomberg via email. “Geopolitics has, for now, replaced inflation as the primary driver of both traditional and crypto markets,” he added. Gold (XAUUSD:CUR), which has jumped over 6% month-to-date, is struggling to hold above $1,900 per ounce. Amid political uncertainty and tighter financial conditions, the bitcoin-to-gold ratio is closing in on the lowest level since mid-2021, implying gold is