Bitcoin Price Reaches A New High Of $40,000

Bitcoin Price Reaches A New High Of $40,000

Bitcoin News
March 1, 2022 by Diana Ambolis
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Following Russia’s invasion of Ukraine last week, Bitcoin price has risen above $40,000 after falling below $35,000. The escalating conflict in Ukraine has added new levels of volatility to the bitcoin price and stock markets. Experts argue that the crypto market has been mirroring the stock market in recent months, which, combined with increasingly widespread
Bitcoin Price Reaches A New High Of $40,000

Following Russia’s invasion of Ukraine last week, Bitcoin price has risen above $40,000 after falling below $35,000.

The escalating conflict in Ukraine has added new levels of volatility to the bitcoin price and stock markets. Experts argue that the crypto market has been mirroring the stock market in recent months, which, combined with increasingly widespread adoption and the plummeting prices we’ve witnessed to start the year, makes it even more interwoven with growing conditions in Eastern Europe. Even as the situation in Ukraine worsened, Bitcoin, the world’s largest cryptocurrency by market value, reclaimed the critical psychological threshold of $40,000.

“The move to isolate and cripple Russia’s economy seems to be reacted positively by the market at the moment,” said Lennard Neo, an analyst at Stack Funds.

The West stepped up what it thinks will be debilitating financial penalties. Over the weekend, Bitcoin price (BTC) dropped to as low as $37,000 as Russian President Vladimir Putin put his country’s nuclear forces on high alert. On the other hand, the cryptocurrency began surging upward earlier this morning, with a spike from $38,000 to $39,500 in a matter of minutes shortly before U.S. equities opened.

BTC was trading at roughly $41,105 at the time of publication.

Laurent Kssis, director of CEC Capital and a crypto exchange-traded fund (ETF) expert, believes technical and proprietary signs are vital enough to keep the cryptocurrency $41,000. “Overnight, we should see some appreciation, even barely,” Kssis continued. He also mentioned that bitcoin’s average transaction value in dollars has increased by 10% in the last two hours, indicating that “investors are taking on larger wagers on bitcoin, which has helped confidence develop.”

Russia is considering a digital “one world, one currency” for trade.

Also, read – As tensions between Russia and Ukraine rise, Bitcoin falls below $37,000

Be prepared for additional volatility if you’re thinking about investing in cryptocurrency. As a result, experts recommend that you keep your crypto investments to less than 5% of your overall portfolio.

If you allow bitcoin price increase or fall to affect your long-term investment strategy, just as allowing a price drop to influence your choice to buy crypto is not a good idea. More importantly, don’t acquire more cryptocurrencies just because the price increases. Before investing any additional money in a speculative asset like Bitcoin, be sure you have all of your financial bases covered, from retirement savings to emergency reserves.