Started by Bitcoin, Mar 02, 2022, 12:08 pm
0 Members and 1 Guest are viewing this topic.
Bitcoin’s price spike, which briefly exceeded $44,500 Tuesday afternoon, is now easing.
BTC has retreated to roughly $43,912 on Wednesday, but is still up nearly $10,000 in the last five days and is on the verge of reclaiming January levels.
Bitcoin price rose more than 5% Monday as markets processed new developments in ’s invasion of e, despite risk aversion pushing down blue-chip and technology sectors, which cryptocurrencies have been linked to for weeks.
Markets may be underestimating the economic repercussions of ’s financial isolation. Sanctions against were placed to cripple its economy and financial systems.
To safeguard the plummeting ruble, which has lost more than 20% of its value, the n central bank closed the stock market and more than doubled its key interest rate to 20%.
Related Article | Bitcoin Staggers After Putin's Nuclear Deterrence Alert Warning
“At that point, Europe and the United States would have to put pressure on the largest exchanges -- FTX, Coinbase and Binance -- to ban the addresses linked with , and no other major exchange would want to engage with funds that came from those addresses,” Michael Rinko, a venture associate at AscendEx, said.
Buyer demand for Bitcoin sparked a 17% increase in price in just 24 hours late Monday. Although it is too soon to identify a trend, crypto-analysts and advisors are watching to see if this breakthrough signals a more significant directional shift or “decoupling” from equities investments.
Bitcoin’s price is up 2.40% in the last 24 hours, with a high of $44,953.06 and a low of $42,875.
Its current market volume is $1.67 billion, and its market capitalization is $840.13 billion.
Because of the n-ian crisis, volatility rates and decoupled stocks for BTC have increased, resulting in a high price for Bitcoin as the first week of March begins.
On the other hand, Bitcoin may be inclined to compete with gold and other safe-haven assets such as government notes and stocks in the future.
The unchangeable software code of Bitcoin increases the token’s supply at a pace comparable to that of gold, 0.5% to 1% every year.
The scarcity of gold helps it retain its value through times of economic distress and excessive inflation, and it’s not unrealistic to expect Bitcoin will do the same in the digital age.
Related Article | Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report
Countries with currency restrictions, dual-currency systems, governance issues, and corruption may see Bitcoin take off as a store of value.
Meanwhile, many analysts believe that Bitcoin’s price will eventually cross the $100,000 milestone; however, there are different viewpoints on when that will happen.
According to a recent poll by Deutsche Bank, approximately a quarter of Bitcoin investors anticipate the price of the cryptocurrency would exceed $110,000 in five years.
Page created in 0.229 seconds with 15 queries.