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\tBitcoin lingered around $40,000 while investors debated whether the original cryptocurrency was a safe haven amid Russia\u2019s assault on Ukraine.<\/p>\n<\/div>\n
\tThe largest cryptocurrency was little changed Saturday. It slumped the past two days after jumping 17% from Monday through Wednesday.<\/p>\n
\tEther, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, declined 0.4% to $2,669. On the other hand, dogecoin price also tanked 1% at $0.125566 whereas Shiba Inu was up 2.4% to $0.00002487.<\/p>\n
\tLeading altcoins lower, Polkadot and Solana were mixed over the last 24 hours, according to data from CoinGecko.<\/p>\n
\t\u201cThe conflict in Ukraine continues to escalate, putting the world on edge,” Lindsey Bell, chief markets and money strategist at Ally, said in a note. \u201cMarkets have been plagued by uncertainty, creating a very challenging investing environment.”<\/p>\n
\tThe start of the week was characterized by large gains, with cryptocurrencies outperforming stocks. The imposition of sanctions drove speculation that Russians and Ukrainians would turn to digital assets as a means to move money. Volumes have since slowed.<\/p>\n
\tIt poured fuel on the fire of assertions by advocates who long touted Bitcoin as a store of value, detached from broader moves in the financial markets. A 50-day correlation with Bitcoin and the S&P 500 currently stands at 0.5. A coefficient of 1 represents locksteps moves, while zero denotes completely unrelated behavior.<\/p>\n
\t\u201cThere is a group of investors that do see this as a risk-on asset, just like they would see stocks or anything else,” said Brett Munster, a portfolio manager at hedge fund Blockforce Capital. \u201cIn the long run, I think the store of value narrative wins out.”<\/p>\n
\t(With inputs from agencies)<\/i><\/p>\n