Cryptocurrencies' safe-haven properties may be unsustainable amid Russia-Ukraine conflict

David Duong, head of institutional research at Coinbase, agrees, saying, "The current difference in performance between cryptocurrencies and other risk assets is difficult to sustain given the broader shocks to the global financial system. duong attributes the recent rally in cryptocurrencies in part to technical factors. "

For a while, bitcoin seemed to break the same trend as tech stocks that have been moving recently, but that trend is fading, said Steve Sosnick, chief strategist at Interactive Brokers LLC. It would have been a reliable hedge for those who held it before the ruble's collapse, but now it's too valuable and too volatile in ruble terms to use as a trading instrument.