Bitcoin has been doing surprisingly well compared to stocks, despite the war. In fact, charts show it has decoupled from stocks, slowly climbing out of its January hole, while stocks keep plummeting.

Bitcoin has been slowly climbing out of its $33K hole from January, and has been finding higher lows for over a month. However, still struggling with new highs.

This is a stark contrast to the stock market plummeting. Finding news lows with no bottom in sight. The Dow Jones having several days in the past month where it dropped more than 300 points. Today being another day where it has already dropped close to that amount.

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Dow Jones vs Bitcoin

Before there was a war, when the Russian-Ukraine crisis was just a crisis, many people foretold that if Putin wasn't bluffing, and Russia was to actually invade, it would be game over for crypto.

It would be a massive black swan event, tanking most markets, especially crypto.

Crypto would be plunged deep into a bear winter.

Many of these people were talking about prices definitely below $20K for BTC. Even below $10K.

We are 2 weeks into that war.

During that time, Bitcoin rallied a little, and even briefly went above $40K. We are still crabbing around $40K, going a couple Ks below, a couple Ks above. But the lows have been getting higher.

A long way from the predicted tanking.

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Gold

Since February, gold has been rallying.

This is around the same time Bitcoin has started to slowly recover, or at least finding higher lows.

It's too soon to really say there's any real correlation. And the correlation is still weak.

But it's something to keep an eye on.