On Monday, cryptocurrencies were all in the red as investors turned to traditional investments such as bonds and gold due to rising tensions between Russia & Ukraine.

In the last 24 hours, more than $65 billion has been wiped out of global crypto. Investor risk appetite was reduced by tensions in Eastern Europe. Bitcoin and Ethereum were both lower on Monday.

Bitcoin fell 0.8% to $42,000 while ether fell 2.2% to $2,877. Etherhas has lost approximately 7% in the past seven days, as compared to bitcoin which fell by 1.1%.

Altcoins led the decline, with cardano and solana all falling more than 3% Monday. Cardano lost 3.45% within 24 hours, while solana lost 4% and 5.26 respectively.

Elsewhere in the world, US Stock futures fell while Europe’s Stoxx 600 was down 98%. Investors rushed to invest in gold and Swiss Franc during this uncertainty.

All this despite crypto advocates claiming that bitcoin and other cryptocurrencies are safe stores of value. As Michael Saylor stated last week: If investors aren’t ready to hold Bitcoin for a decade, they shouldn’t keep it for 10 minutes.

GlobalBlock analyst Marcus Sotiriou said that risk assets such as crypto and tech stocks are suffering from the uncertainty of war. He stated that President Joe Biden’s threat to shut down the Nord Stream 2 pipeline (which transports Russian natural gas from Germany to Russia in case of an invasion by Russia) had added a layer of nervousness.

Sotiriou stated that the pipeline supplies a large portion of Europe’s natural gasoline. If it were to be shut down, this could lead to higher oil prices and increase inflation.

He stated that high inflation was the reason for the Federal Reserve raising rate and could lead to a, due slow growth from aggressive monetary policy.

Crude oil prices rose Monday to $100 per barrel. European natural gas prices rose 5% on Monday, raising concerns about consumer inflation.

Some crypto analysts are more concerned about the market for 2022 than others, and claim it could be a bearish years. In an interview with Stansberry Research, Lyn Alden , investment strategist, stated that bitcoin is not expected to do well in the coming year due to its tendency to perform poorly following major bull runs. However, she pointed out that there isn’t much historical data to support this claim.

“Bitcoin’s major bull run historically – there is only a small sample of about four: 2011, 2017, 2017 and 2020. These occurred in rising PMI environments, which means that economic acceleration. She said that bitcoin’s price action has not been as strong in recent times because of the current period.

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