Bitcoin tightens loss as Russia attacks Ukraine; gold reverses (update)

The tech-heavy Nasdaq (COMP.IND) has been jumping to net positive territory since the opening bell and the global crypto market cap is rebounding a bit as well, though still down 6.39% to $1.63T in the past 24 hours.

Looking at price action, bitcoin (BTC-USD -9.4%) rebounds to $36.3K per token and ethereum (ETH-USD -13.2%) also erases some losses, changing hands at $2.5K. Binance coin (BNB-USD -12.2%), ripple (XRP-USD -13.5%), solana (SOL-USD -12.9%), avalanche (AVAX-USD -18.3%), dogecoin (DOGE-USD -17.2%), terra (LUNA-USD -12.1%), shiba inu (SHIB-USD -18.8%), polygon (MATIC-USD -18.4%) and litecoin (LTC-USD -15.4%) all still face selling pressure.

On the other hand, some crypto-related stocks are correcting to positive territory, including MicroStrategy (MSTR -0.4%), Marathon Digital (MARA +1.6%), Riot Blockchain (RIOT +0.6%), Silvergate Capital (SI +1.5%), Bitfarms (BITF +1.6%), Hut 8 Mining (HUT -0.7%), CleanSpark (CLSK +2.1%) and Bakkt (BKKT +0.8%) .

It seems that commodities are taking cryptos' spotlight, as gold (XAUUSD:CUR +3.1%) jumped to as high as $1,760 per ounce, the highest level since mid-August, recently pulling back somewhat to $1,925. Note the bitcoin-to-gold ratio is near the lowest level since mid-2021. Furthermore, "the plunge in the Bitcoin/Gold ratio is testament to the view that crypto was never a currency ('asset class'??) you could rely on in troubled times," David Rosenberg, founder and president of Rosenberg Research & Associates, wrote in a Twitter post. Neither safe nor a haven -- just a high-beta correlation with the most speculative elements of the risk-on trade," he added.