Bitcoin falls again over the weekend, cryptocurrency rollover on Russia may not be realistic

Bitcoin rose to $44,000 midweek and ethereum broke the $3,000 barrier at one point, benefiting from the ongoing tensions between Russia and Ukraine. The market believes that part of the collective rise in cryptocurrencies comes from Russian investors' intention to escape sanctions and preserve their assets by purchasing cryptocurrencies.

In addition, as bitcoin's correlation with the S&P 500 fell from 0.7 to 0.55, it also became one of the safe-havens available to investors amidst the lackluster performance of the broader U.S. stock market.

However, by the end of the week, the cryptocurrency's rally "died down", showing that its so-called safe-haven properties may not be reliable. Bitcoin fell again to $40,000, up less than 2% for the week, while Ether returned to $2,500, down more than 2% for the week.