Bitcoin lingered around $40,000 as investors wondered if the original cryptocurrency was a safe haven amid Russia’s assault on Ukraine.

The largest cryptocurrency was little changed on Saturday. It has fallen in the past two days after jumping 17% from Monday to Wednesday.

Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency by market capitalization, fell 0.4% to $2,669. On the other hand, dogecoin price also fell by 1% to $0.125566 while Shiba Inu rose by 2.4% to $0.00002487.

Leading the lower altcoins, Polkadot and Solana have been mixed over the past 24 hours, according to data from CoinGecko.

“The conflict in Ukraine continues to escalate, putting the world on edge,” Lindsey Bell, chief market and money strategist at Ally, said in a note. “The markets have been plagued by uncertainty, creating a very challenging investment environment.”

The start of the week was characterized by strong gains, with cryptocurrencies outperforming stocks. The imposition of sanctions has sparked speculation that Russians and Ukrainians are turning to digital assets as a way to transfer money. Volumes have since slowed.

He added fuel to the fire of claims by advocates who have long touted Bitcoin as a store of value, detached from broader movements in financial markets. A 50-day correlation with Bitcoin and the S&P 500 currently sits at 0.5. A coefficient of 1 represents locking movements, while zero indicates completely independent behavior.

“There’s a group of investors who see this as a risk asset, just like they would see stocks or anything else,” said Brett Munster, portfolio manager at hedge fund Blockforce Capital. “Long term, I think the store of value narrative wins out.”

(With agency contributions)

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