CoinDesk Analysis Team
CoinDesk
Bitcoin was directionless during the early European hours on Tuesday while traditional markets saw another wave of risk aversion as Russian President Vladimir Putin ordered troops to move into eastern Ukraine.
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The top cryptocurrency traded largely unchanged on the day near $37,000 at 08:30 UTC, according to CoinDesk data.
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Gold jumped to fresh eight-month highs of $1,914 per ounce, before trimming gains.
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"In a tense situation, investors will prioritize commodities such as gold and crude oil rather than riskier stocks and cryptos," said Griffin Ardern, a volatility trader from crypto-asset management company Blofin.
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The S&P 500 futures dropped over 1%, and the European stock markets nursed 1.2% to 1.5% losses. Oil prices surged with brent breaching the $98 per barrel mark for the first time since late 2014.
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Putin's move drew criticism from the G7 countries and United Nations, with several nations, including U.K and Japan, threatening to impose sanctions on Russia.
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Bitcoin has faced a double whammy of the Fed rate hike fears and lingering Russia-Ukraine tensions in recent weeks.
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The cryptocurrency was down 3% for the month at press time, having failed to hold onto the rally to $45,000 seen earlier this month.
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