Bitcoin dips below $40,000 but BTC/RUB hits all-time high

Bitcoin (BTC) rebounded from a one-week low on March 8 after the lack of progress in the Russia-Ukraine talks caused the market to plunge.

Commodity "trades like meme stock"

BTC/USD rallied to $37,170 on Bitstamp after Wall Street opened on Monday, according to data from Cointelegraph Markets Pro and TradingView.

The overnight rally continued, with BTC/USD trading around $38,500 at the time of writing.

Cryptocurrencies and stock markets have reacted poorly after a third round of talks to end hostilities between Russia and Ukraine ended with a lack of consensus.

"There has been a small positive impact in improving the organization of human rights corridors... We continued to have in-depth consultations on the fundamental political part of the regulations, as well as ceasefires and security guarantees," negotiator Mykhailo Podolyak said as part of feedback after the talks. wrote on Twitter.

However, the news wasn't enough to offer any kind of hope -- U.S. stocks were trending lower throughout the session, with the S&P 500 closing down 2.95% on Monday.

At the same time, commodities have seen unprecedented surges, such as the price of nickel on the London Metal Exchange breaking through $100,000 a tonne.

Meanwhile, Russia’s pain continues, with only ruble-influenced investors seeing relief as they hedge in BTC. On Monday evening, BTC/RUB hit a new all-time high on Binance at just over 5 million RUB.

Despite a lackluster price reaction to bitcoin as a paradoxical safe haven to stocks, there is a vote of confidence from die-hard supporters.

“The world is watching trust being repriced in real time,” concluded Marty Bent, founder of bitcoin media firm TFTC.

“When the dust settles, Bitcoin will be the biggest doer of good because the masses will realize that a distributed system that cannot be controlled by a single person, government, corporation, or coalition is the only thing they can trust.”

At the same time, regulatory concerns from the United States also contributed to the market's cold shoulder.

$40,000 becomes a short-term goal

Still, for trading on shorter time horizons, Bitcoin seems unattractive to many, with clearly limited upside potential.

For popular traders Anbessa and Crypto Ed, $40,000 remains an obvious target for a bullish divergence.

“Targets can be better defined after corrections are made, but sticking to 40k for now,” Crypto Ed added.

As Cointelegraph reported, upcoming events in the U.S., especially the release of consumer price index (CPI) data on Thursday and the decision to raise interest rates next week, could easily disrupt market sentiment in the short term.