Global Crypto Market Halts After Brief Rally Amid Russia’s Invasion
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- The current Bitcoin surge has been primarily linked to political turmoil.
- Bitcoin is down 2.27% in the last 24 hours.
Despite a solid start to the week, the price of Bitcoin has now dropped to $43,500, still a gain of 24 percent on the weekly charts. The Russia-Ukraine conflict is a significant geopolitical event that has sparked a Bitcoin and crypto market boom.
Russians are reportedly shifting large sums of cash into Bitcoin, and other cryptocurrencies as the Ruble plummets in value. As the EU considers increasing penalties and determines whether Russia utilizes crypto to escape sanctions from the West, the crypto market has seen a recent cooling down.
As German Finance Minister Christian Lindner said to reporters on March 2nd, EU and G7 nations strive to prevent Russians from circumventing the financial penalties. According to James Butterfill, director of research at CoinShares, the current Bitcoin surge has been primarily linked to political turmoil.
Whales in Action
On the other hand, Bitcoin trading activity among whales has increased amid the most recent price surge.
Santiment, an on-chain data supplier, reported:
“While #Bitcoin hovers between $43k and $45k and traders await the next big swing, whales are becoming increasingly active in making massive transactions. In the last three days, there have been 13,400 $BTC transactions exceeding $1M in value.”
Several politicians from Ukraine and the United States have requested that crypto exchanges prevent Russian nationals from dealing in crypto. Although Binance and Kraken have rejected the petition, other exchanges have not. The cryptocurrency market as a whole seems to be taking a break after the early week’s surge. According to CoinMarketCap, the Bitcoin price today is $43,145.34 USD with a 24-hour trading volume of $28,048,517,645 USD. Bitcoin is down 2.27% in the last 24 hours.
Cryptocurrency
