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Bitcoin stems losses after US bans Russian oil, gold heads to record highs

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Bitcoin (BTC) erased then recovered its daily gains later on March 8 as United States President Joe Biden announced a complete ban on Russian oil imports.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC comes full circle, while gold steals the show

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it targeted $38,000 an hour after Tuesday’s Wall Street open.

Having hit $39,240, the pair swiftly changed trajectory as Biden confirmed the plans, which added to oil’s already strong gains and further pressured stocks and risk assets.

“Today, I’m announcing that the United States is targeting the main artery of Russia’s economy,” he said at a press conference.

“We’re banning all imports of Russian oil and gas and energy. That means that Russian oil will no longer be acceptable at U.S. ports, and American people will deal another powerful blow to Putin’s war machine.”

Brent crude rose to highs of $133 on the announcement, while U.S. stocks had little to celebrate, the S&P 500 down 0.5% on the day at the time of writing.

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