Bitcoin Soared 20% In Two Session With Crypto Demand As Haven
01 März 2022 - 11:30PM
NEWSBTC
With the price of Bitcoin climbing again, it’s not surprising that
other cryptocurrencies are jumping too. As an investment vehicle
and possible way around sanctions in Russia or elsewhere-this could
be very interesting. This week, the cryptocurrency has been on an
unstoppable rise, with prices climbing 8% in NY trading hours and
over 20% in just two sessions. At one point, it overtook Bitcoin’s
market value at $44,964 per coin, bringing its total capitalization
above $840 billion. Related Reading | Bitcoin Breaks Above 50-Day
SMA, Will BTC Ride It Out To $50,000? The cryptocurrency market
continues to see significant growth, with Ether crossing $3,000 and
several other coins improving. For example, the value of terra’s
LUNA is up 76% over the last week, according to CoinMarketCap–
nearing an all-time high set in early December. Finally, there was
Avalanche which advanced during this time period too. In a world
where the news is constantly changing, and governments seem to be
everywhere, some people have turned away in favor of
cryptocurrencies. However, the idea that these funds are detached
from any government control makes them attractive because they
can’t be influenced by anything besides supply-and-demand
factors–not even warring conflicts overseas. FRNT Financial
Inc.chief executive, Stéphane Ouellette said; Bitcoin has gold-like
properties in that if you hold it, you directly control the assets
as opposed to governments and banks being in between. So when
banking is destabilized in a region, which is happening in Europe
right now. It would make sense to see some flows into BTC as people
diversify away from the banking system. Bitcoin Plunge As
Russia-Ukraine War Intensified The price of cryptos is currently
being driven higher by investors looking to get in on the action.
However, he said that Speculators could take advantage and drive
prices even higher. This will make their investments pay off
exponentially faster than if they waited for more traditional
markets like stocks or bonds where there’s always someone else who
has already bought low before you do so yourself. Global markets
took a plunge on Tuesday as the war in Ukraine intensified. Russia
continued its offensive despite mounting penalties. Russian troops
are shelling military facilities civilian areas alike. President
Volodymyr Zelenskiy accused them of committing acts of
terror. Related Reading | Bitcoin Dominates Altcoins During
War-Torn Month Of February European stocks and US equities
continued their decline along with the fear gauge in Wall Street,
VIX. The belief that Bitcoin can be a valuable asset during
geopolitical turmoil is not new. Some analysts have long posited
this. However, its outperformance amidst the volatility has some
bulls pointing to an end for the narrative. Which explains that
crypto will just turn out like all other risky assets. But
there’s still more work left before we’ll know how things
ultimately play themselves out. Analysts Review On Crypto Rise Adam
Farthing, chief risk officer for Japan at B2C2, said; Bitcoin could
“de-link from risk” and start trading more like a hedge to
geopolitical instability and inflation. Walid Koudmani, an analyst
at XTB Market, explains; Bitcoin saw a significant upward move
today as it appears to have slightly regained its safe-haven status
while the Russia-Ukraine conflict continues to intensify. There are
other factors at play. The rally is about “the utility of these
assets to serve as a potential workaround for Russia sanctions and
also point that virtual currencies can be an alternative in times
when people need them most,” said Nicholas Colas, co-founder
DataTrek Research. Featured image from Pixabay, Chart from
TradingView.com
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