Bitcoin (BTC<\/a>) erased then recovered its daily gains later on March 8 as United States President Joe Biden announced a complete ban on Russian oil imports.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0followed BTC\/USD as it targeted $38,000 an hour after Tuesday\u2019s Wall Street open.<\/p>\n Having hit $39,240, the pair swiftly changed trajectory as Biden confirmed the plans, which added to oil\u2019s already strong gains and further pressured stocks and risk assets.<\/p>\n \u201cToday, I\u2019m announcing that the United States is targeting the main artery of Russia\u2019s economy,\u201d he\u00a0said<\/a>\u00a0at a press conference.<\/p>\n \u201cWe\u2019re banning all imports of Russian oil and gas and energy. That means that Russian oil will no longer be acceptable at U.S. ports, and American people will deal another powerful blow to Putin\u2019s war machine.\u201d<\/p>\n Brent crude rose to highs of $133 on the announcement, while U.S. stocks had little to celebrate, the S&P 500 down 0.5% on the day at the time of writing.<\/p>\n #Oil<\/a> prices jump as Biden announces full ban on Russian oil, gas, energy imports in response to Putin\u2019s invasion of #Ukraine<\/a>. pic.twitter.com\/7hP1m1bmfc<\/a><\/p>\n \u2014 Holger Zschaepitz (@Schuldensuehner) March 8, 2022<\/a><\/p><\/blockquote>\n Bitcoin, still within a familiar range, nonetheless avoided major losses as it bounced back to $39,000.<\/p>\n \u201cI don\u2019t know what\u2019s going to happen with the U.S. embargo on the price action. Natural reaction would be that USOIL goes up some more, while risk-on assets are dropping,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe nonetheless argued<\/a>. <\/p>\n \u201cI actually think the opposite takes place with the impact of a \u2018buy the rumor, sell the news\u2019 event.\u201d<\/p><\/blockquote>\n Gold, meanwhile, capitalized on the latest twist in the Russia\u2013Ukraine saga, bouncing back above $2,000 per ounce to target all-time highs.<\/p>\n Similarly, not everyone was wholly convinced that stocks had their worst ahead of them.<\/p>\n Related:\u00a0Bitcoin stuck under $40K, but BTC price hits another all-time high vs. Russian ruble<\/a><\/em><\/strong><\/p>\n In what should be a silver lining for Bitcoin bulls, popular analytics account BTCfuel flagged the equity market-related economic uncertainty index showing that \u2014 if history is a guide \u2014 stocks may have already delivered their pullback.<\/p>\n For people concerned about the stock market in the short \/ mid term (and its potential relation with #Bitcoin<\/a>)<\/p>\n This indicator underneath shows that the possible big capitulation in the stock markets likely already happened in the Ukraine – Russia conflict (value > 500)<\/p>\n (1\/2) pic.twitter.com\/TbLqdAkT6Z<\/a><\/p>\n \u2014 BTCfuel (@BTCfuel) March 8, 2022<\/a><\/p><\/blockquote>\n \u201cDuring the 6 times this happened, peak uncertainty was during the big capitulation. More importantly, stocks went up in the months afterwards, after 3 months on average 18% up,\u201d they\u00a0added<\/a>.<\/p>\n The last and only significant such occasion in Bitcoin\u2019s lifespan was the March 2020 COVID-19 crash<\/a> and its fallout.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/f0deb74c-49fe-40eb-861e-4bc6bd9170b4.png\")
BTC comes full circle, while gold steals the show<\/h2>\n
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![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/2a9070ec-5b8a-48a3-be85-30bf38e8cab3.png\")
Have stocks already bottomed?<\/h2>\n
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