Bitcoin stems losses after US bans Russian oil, gold heads to record highs

Bitcoin (BTC), which lost then regained its daily gains, was announced by Joe Biden on March 8, with a total ban on Russian oil imports.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC goes full circle, and gold steals the show

Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD was aiming for $38,000 an hour following Tuesday’s Wall Street Open.

The pair quickly changed their trajectory after they reached $39,240. Biden confirmed their plans which added to oil’s already strong gains, and further pressured stocks as well as risk assets.

He said during a press conference, “Today I’m announcing the United States is targeting Russia’s main artery”

We are banning all Russian oil, gas and energy imports. This means that Russian oil won’t be accepted at U.S. ports and the American people will strike another blow to Putins war machine.

Brent crude oil rose to $133 after the announcement. U.S. stocks were less happy, with the S&P 500 falling 0.5% at the time.

#Oil prices rise as Biden declares a complete ban on Russian oil, gas and energy imports, in response to Putin’s invasion of Ukraine.
— Holger Zschaepitz (@Schuldensuehner) March 8, 2022

Bitcoin, although still in a familiar range, avoided major losses by rebounding to $39,000

“I don’t know what’s going to happen with U.S. price action embargo. The natural reaction would be for USOIL to rise more while risk-on assets drop,” Michael van de Poppe, a Cointelegraph contributor, argued.

“I believe the opposite happens with the effect of a buy the rumor and sell the news’ event.”

The latest twist in Russia-Ukraine’s saga saw gold rise above $2,000 an ounce, setting new highs.

1-Week Candle Chart XAU/USD Source: TradingView

Are stocks nearing bottom?

Stocks were not all bad news.

Related: Bitcoin price hovers around $40K but BTC prices hit a new all-time high against the Russian ruble

Bitcoin bulls have a silver lining in the form of BTCfuel, a popular analytics account that flagged the equity market-related economy uncertainty index. It shows that stocks may have pulled back if past history is any guide.

For people concerned about the stock market in the short / mid term (and its potential relation with #Bitcoin) This indicator underneath shows that the possible big capitulation in the stock markets likely already happened in the Ukraine – Russia conflict (value > 500) (1/2)
— BTCfuel (@BTCfuel) March 8, 2022

“During the six times that this occurred, peak uncertainty was at the big capitulation. They also noted that stocks rose in the following months, with an average of 18% increase over three months.

The March 2020 COVID-19 collapse and subsequent fallout was the last significant such event in Bitcoin’s history.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

Close Bitnami banner