Exploring the Possibility of Bullish Crypto Movements With BNB, Ethereum, Cardano, XRP and Solano Uncertainties

The past seven days have witnessed a resurgence of sorts in the crypto space as Russian tanks invade Ukrainian cities. The cryptocurrency world experienced a sharp drop to about $35,000 some 8 days ago before a resurgence to about $45,000 recently with hopes of high activity in the crypto market because of the sanctions imposed on Russia limiting the ability of citizens to rely on traditional banking institutions.

Crypto prices fell back slightly because of speculations on the possibility of the EU imposing ruthless cryptocurrency restrictions to further erase any hopes of funding for the war from the crypto markets. But lots of enthusiasts are still of the opinion that the market is coming out strong this month.

DeVere CEO Nigel Green believes that cryptos will continue to soar higher by the end of the month. The CEO even believes Bitcoin could rise as much as $50,000 before 31st. Green stopped short of predicting a new record for the Bitcoin but he believes that the coin’s rise this month will present a pedestal for the coin to surpass $68,000 in the coming months. He believes the current crisis is the reason for the current rise in price experienced in recent times in the cryptocurrency world.

Citing the closure of financial institutions especially in Ukraine, and inability of Russian Oligarchs to access some of their seized assets as some of the reasons why Bitcoin and other cryptos will seem like sent help in this circumstance. The ability of cryptos to aid in an untraceable transfer of funds and a non-regulated store of assets makes the crypto market an attractive option in these times of uncertainty. 

Can Bitcoin Beat the Surge?

The plan by the US to increase interest rates in march has also placed a constraint on the growth of the crytos. Senior FxPro commentators believe that the announcement by Mr Powell was a contributing factor to the instability of cryptos as there was a reduction in stock indicators. They believe that Bitcoin is serving as a rectification agent in recent times. The difficulty of Bitcoin to beat the powerful opposition of the one hundred days MA and February surges of about $45,000 is another reason for the sluggish movement of the coin.   

Recently, Bitcoin seemed to free itself from the S&P 500, raising suggestions that the recent crisis has caused an increase in the clamor for substitutes to gold and caused other cryptos to surge according to industry enthusiasts. Although there is caution that there is need for the price of the crypto to raise above $45,000 each before everyone can be optimistic about an assured upward movement.

Marcus Sotiriou, a strategist at  GlobalBlock asserts that the reason for the commendable recent upshoot of 32% by Bitcoin is to put the 20 day MA at about $41,000 to test. He believes that the coin was unable to reach new highs daily falling just short of the $44,600 level. Until Bitcoin beats the $45,000 level, it will be difficult for the crypto to launch a spirited upward movement on a daily basis.

Leave a Reply

Your email address will not be published.


FINCI Helps Open New Market for Ripple

A New Partnership Ripple looks to expand its reach by teaming up with Lithuanian company FINCI. Ripple will make available RippleNet’s ODL services that use XRP to link two currencies, which reduces the cost of operations and speeds up transactions compared to traditional ways. The collaboration rests upon the use of RippleNet’s international payment network […]

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]