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Bitcoin showed resilience as the escalating tension between Ukraine and Russia signaled a shift in how investors perceive the digital gold. 
Ukraine <a href="https://www.reuters.com/world/europe/ukraine-marking-1000-days-russian-invasion-eyes-end-war-next-year-2024-11-18/" target="_blank" rel="nofollow">attacked</a> Russian territory with U.S. ATACMS missiles, fired at a military facility, after the Biden administration granted permission to do so on Nov. 19 — the 1,000th day of the ongoing conflict between the two countries. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) did not witness a bearish blow, unlike the previous macro tensions. Instead, the flagship cryptocurrency rose to an all-time high of $94,000 with a market cap of $1.86 trillion. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/11/BTCUSDT_2024-11-20_10-28-08.png" alt="How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict - 26" class="wp-image-14312101">
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 BTC price | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
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</figure> 
Cory Klippsten, the CEO of Swan Bitcoin, told crypto.news that this behavior could reflect a maturing Bitcoin’s store-of-value narrative. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Traditionally, geopolitical instability sends investors flocking to safe-haven assets like gold or the dollar. But Bitcoin’s recent all-time highs indicate it’s entering a new role as a hedge against both money printing and geopolitical risk.” <cite>Klippsten said.</cite>
</blockquote> 
 You might also like: <a rel="" href="https://crypto.news/spot-bitcoin-etf-options-are-live/"> Spot Bitcoin ETF options are here — and they matter more than you think </a> 
<h2 class="wp-block-heading" id="the-major-shift">The major shift</h2> 
In February 2022, the <a href="https://crypto.news/crypto-market-russia-ukraine-crisis/" target="_blank">Ukraine crisis</a> brought an 8% decline in the Bitcoin price to $34,000 as the crypto market witnessed a $150 billion wipeout. 
Quite similarly, the leading crypto asset <a href="https://crypto.news/bitcoin-crypto-down-4-as-israel-iran-conflict-escalates/" target="_blank">fell</a> by 4% to $61,000 just hours after the Israel-Iran conflict escalated in October this year.&nbsp; 
“While traditional markets may continue reacting to geopolitical volatility, Bitcoin stands as a counterpoint, a lifeboat asset for those seeking uncorrelated security,” Klippsten added. 
Despite a slight correction from its latest ATH, Bitcoin is still up 1% in the past 24 hours and is trading at $92,500. The global crypto market cap decreased by 1.7%, reaching $3.203 trillion, CoinGecko <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> shows.&nbsp; 
Gold gained 0.1% and is trading at $2,636 — still down by 3.3% over the last 30 days. The crude oil WTI futures, on the other hand, <a href="https://www.investing.com/commodities/crude-oil" target="_blank" rel="nofollow">fell</a> 0.09% to $69.17 a barrel. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1392" height="478" src="https://crypto.news/app/uploads/2024/11/XAUUSD_2024-11-20_10-29-22.png" alt="How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict - 27" class="wp-image-14312103">
 <figcaption class="wp-element-caption">
 Gold price | Source: <a href="https://www.tradingview.com/symbols/XAUUSD/" target="_blank" rel="nofollow">Trading View</a>
 </figcaption>
</figure> 
The Swan Bitcoin CEO believes that Bitcoin’s recent ATH could potentially solidify it as the go-to asset for uncertain times. “We could be witnessing Bitcoin’s transition from a speculative asset to a macroeconomic refuge,” Klippsten concluded. 
 Read more: <a rel="" href="https://crypto.news/report-trump-eyes-tether-custodian-lutnick-for-commerce-chief/"> Report: Trump eyes Tether custodian Lutnick for Commerce Chief </a>

How Bitcoin became a ‘lifeboat asset’ amid Ukraine-Russia conflict

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