Bitcoin

Mainstream media focuses on war headlines, but the real market concern is the second-order effects on energy prices (Europe already at risk), inflation persistence, and delayed rate cuts by the Fed and ECB. Crypto, while sometimes seen as a geopolitical hedge, currently trades as a high-beta risk asset—any further flight to cash or US Treasuries will hit BTC/ETH hardest. The internal concern among Putin loyalists is a wildcard: it could signal a potential policy shift, but markets will not price that in until concrete evidence emerges.

Russia intensifies attacks in Ukraine while Putin remains uncompromising; more than four years of war cause concern even among Putin loyalists.