Bitcoin steadies as gold hits $2K, US dollar strongest since May 2020

The pair hadinto the weekly close, resulting in its lowest levels this month amid reports that Western sanctions against Russia could expand to include an oil embargo.

Other major world currencies, such as the euro, paid the price, with EUR/USD falling below $1.09 to hit lows similarly not seen since the aftermath of the March 2020 Covid crash."If Bitcoin was uncorrelated from the Stock Market it would be performing the way Gold has performed since December," analyst Matthew Hyland"Bitcoin is correlated to the Stock Market. It has not 'decoupled.

Prior to the Wall Street open, S&P 500 futures were knocking on 2% declines, while Germany's DAX was already down nearly 4%.The extent of Bitcoin's lackluster performance meanwhile even caught the attention of the traditional finance world.Lloyd Blankfein, former CEO of Goldman Sachs, queried why crypto more broadly was not seeing larger inflows against a background of government control over money.

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