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Bitcoin’s Allure as the New Gold Fizzles During Ukraine Tensions

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Bitcoin’s price relative to gold has dropped to the lowest level since the middle of 2021. The standoff between the West and Russia over Ukraine is stoking risk aversion, hurting so-called digital gold as cryptocurrencies slide but supporting the traditional haven of bullion. One Bitcoin is now equivalent to about 19 ounces of the yellow metal, down from a peak of some 37 ounces in October.

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