The last 24 hours saw a sharp jump in bitcoin price amid the Russia-Ukraine conflict. According to CoinMarketCap, the world’s largest cryptocurrency rose nearly 13 percent to $43,103.52 on March 1. The price of bitcoin has risen nearly 15 percent in the past week after a massive drop earlier this year.
Talks between Ukraine and Russia are likely to continue for the next few days. Meanwhile, the United States and other Western countries have imposed more sanctions on Russia. On Monday, the US Treasury Department halted transactions with the Central Bank of Russia and imposed sanctions on a major Russian sovereign wealth fund.
On the bitcoin price outlook, the WazirX trade desk said, “Bitcoin surged above $44,000, adding $200 billion in total crypto markets in a matter of hours as the Russian ruble fell by 30 percent. Bitcoin in the hourly time frame There has been a break of a triangle pattern. The RSI for bitcoin jumps over 50 for the first time in nearly two weeks. The coming days may see bullish buying. The next resistance for bitcoin is expected at $44,500.”
Cryptocurrency Mega Rally: Why the Price of Bitcoin Is Rushing
“Bitcoin is up 15 percent in the past 24 hours in the cryptocurrency market, and other major large caps have gained more than 11 percent. Word on the street has been that the Russians are trying to protect the money and the Russian government. Strict capital controls imposed have scrambled to shore up the cryptocurrency. Traders opening up net short positions, driven by short squeezes, also led to a huge jump in prices. While things look bright, global economies have been buoyed. There remain macro-related challenges affecting. We continue to support a more cautious allocation to the market until it becomes clear that we are indeed out of the woods,” said the CoinDCX research team.
ether price future
“Ethereum climbed above $2,900. The hourly trend pattern for Ethereum indicates a breakout from the triangle pattern. The next resistance is expected at $3,280. Rising volume of donations in the cryptocurrency to Ukraine and the Russian fiat currency crashing With this, we may see some upward movement in the crypto markets in the coming days,” said the WazirX Trade Desk.
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