INSUBCONTINENT EXCLUSIVE:
Cryptocurrencies have been close to the headlines since Russia invaded UkraineCryptocurrencies have been close to the headlines since
Russia invaded Ukraine, with the ever-volatile bitcoin in demand in Russia and beyond.Here are some charts that look at
how cryptocurrencies have fared during the largest attack on a European country since World War Two.CORRELATION CONUNDRUMCorrelated or
not? That's long been the question for bitcoin, with the original cryptocurrency at times marching to the equity beat -- and at
other times not.Bitcoin initially slumped after Russia launched its assault on Ukraine as investors dumped riskier assets, falling as much
as 8 per cent on Thursday before clawing back losses on the day
European stocks fell 3.3 per cent while the S-P 500 added 1.5 per cent.The paths of bitcoin and stocks have since entwined again, albeit to
differing degrees.Bitcoin jumped 14.5 per cent on Monday in its best day in a year, and now stands up 12 per cent since the day before the
invasion began on February 24
US stocks have made smaller gains, with the S-P 500 edging up 3.3 per cent
MSCI's world index is down slightly."It's still largely been correlated with US equities throughout this crisis," Joseph Edwards, head of
financial strategy at crypto firm Solrise Group, said of bitcoin.Graphic: Cryptocurrencies during Russia's warGraphic: Bitcoin and
stocksA SAFE HAVEN?Crypto aficionados see bitcoin as "digital gold," a handy place to store cash during war or disaster
Bitcoin, the argument goes, has a limited supply and runs on a global computer network beyond the reach of governments and is therefore
safer than traditional currencies.Things are never that simple
Bitcoin's safe-haven chops are unclear: It often behaves more like risk-on assets such as stocks.Investors say that during
the war bitcoin's characteristics have stoked demand and helped it outperform other traditional havens
Gold is up 2.6 per cent while the US 10-year Treasury yield has fallen 8.7 per cent since last Wednesday.Yet the moves may do little to
settle arguments over bitcoin's safe-haven credentials, analysts said."We don't think BTC is being viewed as a safe haven, nor should be,
but instead its appeal is it's a supply capped, credit free, digital bearer asset that is proving to be a viable alternative to traditional
finance in this current environment," said Richard Usher at crypto firm BCB Group."If the situation continues to escalate and risk markets
badly suffer it will struggle to rally further, but in our view still outperform."Graphic: Bitcoin and safe havensROUBLE ROUTED, BITCOIN
BOUNCESCrypto trading in Russia has soared as the rouble was battered by Western sanctions which aim to squeeze Russia's economy and sever
it from the global financial system.The Russian currency hit an all-time low of 118.35 per dollar on Thursday.Trading volumes between the
rouble and major cryptocurrencies hit 15.3 billion roubles ($140.7 million) on Monday, a three-fold jump from a week earlier, according to
researcher CryptoCompare.Rouble-denominated trades with Tether - a so-called stablecoin designed to keep a steady value -- hit 3.3 billion
roubles on Monday, their highest this year and almost five times more than a week earlier, the data showed.The figures suggest that people
are scrambling to covert savings to crypto in Russia.The war has contributed to the narrative that bitcoin "is not just a speculative
asset, it is also a seizure-resistant, policy-independent, longer-term store of value," said Noelle Acheson, head of Market Insights at New
York-based Genesis.Graphic: Sell roubles buy crypto
