Bitcoin Rally Subsides While Whales Increase Activities
Following an impressive start of the week, the rally in the Bitcoin market is currently experiencing a calm as the price of the digital asset is resting at $43,500 with up to a 24% increase on the charts monitoring its progress on a weekly basis. The rally experienced by Bitcoin and the crypto market generally has at its background the political situation going on in the war between Russia and Ukraine.
Agitated Russians Rush to Crypto
As reports of the Russian ruble collapse spread, a lot of Russians have been moving their money into Bitcoin and other digital assets in large numbers. The latest calm experienced in the crypto market is at a time when the European Union is considering the likelihood of imposing more sanctions and observing if Russia is taking advantage of the crypto market to bypass sanctions imposed on the country by Western countries.
Germany’s Minister of Finance, Christian Lindner, said on Wednesday that members of the G7 and European Union are currently working to ensure Russians are blocked from bypassing the financial sanctions.
CoinShares’ Head of Research, James Butterfill, said to Bloomberg in an interview that the attest Bitcoin growth, as observed, is directly correlated with the political situation in Eastern Europe. He noted that trades involving the Russian ruble had increased exponentially to their highest point since May 2020.
Some American Congressmen, as well as lawmakers in Ukraine, have stepped in to ask crypto exchange firms to place a ban on regular Russian citizens and stop them from carrying out trades with crypto assets. Some crypto exchanges such as Kraken and Binance have, however, rejected the suggestion completely.
Increase Bitcoin Whales Activity
On the flip side of everything going on in the war, trading activities among Bitcoin whales have been increasing steadily in the course of the latest price pump. Santiment, an on-chain data-providing firm, recently reported that Bitcoin whales have become increasingly active with carrying out massive transactions as Bitcoin is hovering over $43,000 and $45,000, and traders anticipate the next big move. They stated further that there were more than 13,400 Bitcoin transactions in the course of three days with a value of more than $1 million.
While there are reports of increased Russian ruble conversion into Bitcoin and other crypto assets, Ukrainians are also reported to purchase the same crypto assets in equally increasing figures.
As well as Bitcoin, the general cryptocurrency space looks to be in a state of rest following the price pump early in the week. Terra (LUNA) was the top performer in the past week as it held at $93.
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