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.