- On March 1st, after Russia attacked Ukraine and sanctions were levied on the country, Bitcoin witnessed a spike in its price reaching $45,000.
- However, now the price of the flagship currency is showing a bearish trend. The blame is being put on the ongoing crisis between the two countries.
- Meanwhile, the U.S. plans to move ahead with its plans to ban Russian oil imports without the European Allies.
Just a few days ago, following the Russian invasion of Ukraine, the West and European Union put various sanctions on the country. As a result, the crypto market witnessed a sharp increase in the value of Bitcoin. The flagship currency climbed to $45,000 on March 1st.
As per the latest reports, now the United States, without the participation of allies in Europe, is planning to move forward with their decision to put a ban on Russian oil imports.
The Russian banking system, its currency and economy are all facing wrath as a consequence of its invasion of Ukraine. The major trading stocks, including the S&P 500, Nasdaq also dropped in value.
The crypto world, too, couldn’t escape the heat, as the digital economy significantly dropped to $1.78 trillion.
Meanwhile, Bitcoin continues to stay in a bearship zone, below $39,000 against the U.S. Dollar. At the time of writing, the flagship currency was changing hands at $38,213.81. The experts believe BTC could stage a recovery if it somehow clears the $40,000 resistance zone.
According to the data from Kraken, a triangle pattern chart is forming on the hourly chart of the BTC/USD pair with resistance near $39,000. If there was a straightforward move between above $39,000 and $40,00, the pair might get back to the track of recovery.
On the ongoing talks on the ban of Russian oil imports Bitcoin’s bearish trend, here is a commentary of Bitfinex Trading Team:
“Bitcoin has declined to a one-week low amid continued concern over Russia’s invasion of Ukraine and a possible ban on Russian oil imports. Those voicing scepticism over the performance of the cryptocurrency market might be better advised to take a longer-term view, given an inflating U.S. dollar and the actions of governments to block bank accounts and payments. The trajectory of Bitcoin over the last 10 years, from being the preserve of a small band of technologists to an asset traded by institutional investors, demonstrate there is now significant liquidity and market interest to continue to support the long-term price appreciation of the currency. Regardless of its price direction over the coming days, we remain bullish on the currency, driven by the continued adoption of Bitcoin as the base layer of an alternative financial system.”
Bitfinex is a peer-to-peer cryptocurrency exchange founded in December 2012. Bitfinex provides digital asset trading services to crypto traders around the world. The platform has successfully created a space for itself in the crypto world. The Bitfinex trading team is compromises of experienced individuals who are passionate about cryptocurrency.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.