How Does the Bitcoin Market React to the Conflict Between Russia and Ukraine? Here’s What You Should Know
2022-03-03 18:22:19
Bitcoin Price USD At The Moment
Bitcoin investors must be, I believe, excited these days because the price of bitcoin jumped to above $45,000 for the first time since February 10 after trudging about in the $43,500 area for several days and then it had fallen back to $44,100. According to data, bitcoin price live is $43618.46. As we know, Russia's invasion of Ukraine has sparked a slew of economic sanctions from governments around the world, which is making theRussian currency plunge to record lows. Meanwhile, as Ukraine calls for donations in digital currencies to support its war effort, crypto trading has risen to $35 million so far, according to the blockchain analysis firm Elliptic. As the world’s top currency, how does Bitcoin react to the war between Russia and Ukraine? Let’s find out.
Bitcoin Market During Russia-Ukraine War
On Feb. 23th , when the news that Russia announced military intervention was spreading across financial markets, U.S. equity markets reached as far down as -3%, with bitcoin price usd also falling to a low of $34,300, which then aggressively rebounded to a high of $40,000 in a large short squeeze. On Feb 24th, U.S. stocks closed slightly higher after a day of wild trading.
From Feb. 18 to Feb. 21, bitcoin fell by nearly 9% due to the news of the deterioration of the crisis in Ukraine, which the US stock market did not have a chance to respond to until Tuesday due to a holiday on Monday. When they did so, the major indexes fell by more than 1%.
Attention has also fallen on cryptocurrencies for they could be an outlet for Russians trying to bypass sanctions. Although cryptocurrency itself is not part of the sanctions, the White House has been considering adding them.
On Feb 27th , Mykhailo Fedorov, Ukrainian Deputy Prime Minister requested the cryptocurrency exchange to block Russian accounts . “It is crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.” he said on twitter in the morning. But it was unknown whether the request was personal or one on behalf of the government. On Mar. 1st, the tech heavy Nasdaq Composite Index dropped by 1.2%.
According to data from Gate.io, the top P2P trading platform for Bitcoin and other 1300+ cryptocurrencies, the rebound in the price of Bitcoin this week offset the losses in February. Besides, most other cryptocurrencies have also risen in prices during the Russia-Ukraine war, with ETH increasing by 21.84%, XRP up by 20.08% and Cardano up by 19.48% in the last seven days. As the largest cryptocurrency, the price of Bitcoin, is always the first to react to changes.
Bitcoin investors must be, I believe, excited these days because the price of bitcoin jumped to above $45,000 for the first time since February 10 after trudging about in the $43,500 area for several days and then it had fallen back to $44,100. According to data, bitcoin price live is $43618.46. As we know, Russia's invasion of Ukraine has sparked a slew of economic sanctions from governments around the world, which is making theRussian currency plunge to record lows. Meanwhile, as Ukraine calls for donations in digital currencies to support its war effort, crypto trading has risen to $35 million so far, according to the blockchain analysis firm Elliptic. As the world’s top currency, how does Bitcoin react to the war between Russia and Ukraine? Let’s find out.
Bitcoin Market During Russia-Ukraine War
On Feb. 23th , when the news that Russia announced military intervention was spreading across financial markets, U.S. equity markets reached as far down as -3%, with bitcoin price usd also falling to a low of $34,300, which then aggressively rebounded to a high of $40,000 in a large short squeeze. On Feb 24th, U.S. stocks closed slightly higher after a day of wild trading.
From Feb. 18 to Feb. 21, bitcoin fell by nearly 9% due to the news of the deterioration of the crisis in Ukraine, which the US stock market did not have a chance to respond to until Tuesday due to a holiday on Monday. When they did so, the major indexes fell by more than 1%.
Attention has also fallen on cryptocurrencies for they could be an outlet for Russians trying to bypass sanctions. Although cryptocurrency itself is not part of the sanctions, the White House has been considering adding them.
On Feb 27th , Mykhailo Fedorov, Ukrainian Deputy Prime Minister requested the cryptocurrency exchange to block Russian accounts . “It is crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.” he said on twitter in the morning. But it was unknown whether the request was personal or one on behalf of the government. On Mar. 1st, the tech heavy Nasdaq Composite Index dropped by 1.2%.
According to data from Gate.io, the top P2P trading platform for Bitcoin and other 1300+ cryptocurrencies, the rebound in the price of Bitcoin this week offset the losses in February. Besides, most other cryptocurrencies have also risen in prices during the Russia-Ukraine war, with ETH increasing by 21.84%, XRP up by 20.08% and Cardano up by 19.48% in the last seven days. As the largest cryptocurrency, the price of Bitcoin, is always the first to react to changes.
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