As tensions rise between Ukraine and Russia, Bitcoin gains ground.

Despite rising geopolitical tensions between Ukraine and Russia, the stock market moved higher on Tuesday while other risk assets sold off.

The price of the flagship cryptocurrency was last higher by less than 1% at $92,003.28, according to Coin Metrics, just below the all-time high of $93,469.08 reached last week. Meanwhile, shares of , which trade as a bitcoin proxy, rose 3%.

As Bitcoin's price fell more than 1%, shares of and were also affected. However, both stocks can benefit from the trading of other non-bitcoin assets in the crypto market.

Overnight, investors responded to news that Russian President Vladimir Putin lowered the nuclear weapons threshold after President Joe Biden permitted Ukraine to use U.S. missiles to target Russian military targets.

The U.S. presidential election has fueled interest in cryptocurrencies, including Bitcoin, leading to new record highs and rising prices for smaller crypto assets. As with gold, many investors view crypto assets as a safe-haven investment that offers long-term protection against geopolitical uncertainties.

"Matt Sigel, head of digital assets research at VanEck, stated on CNBC's "Squawk Box" that the most significant long-term correlations for bitcoin are a negative correlation with the U.S. dollar and a positive correlation with money supply growth."

"Sigel stated that Bitcoin is a chameleon, as its correlations shift over time, making it challenging to predict what it will be associated with in the short term."

Bitcoin has previously been viewed as a safe haven, outperforming during the crisis in the regional banking system in early 2023. However, due to its volatility and lack of a long history, some argue that bitcoin may not be an attractive investment forever. Citigroup, for example, has recently reiterated its view that bitcoin does not exhibit store-of-value properties.