Bitcoin and the crypto market recorded stable actions on Saturday. That was due to the potential Russia-Ukraine dialogue.
Bitcoin traded around the $39K mark after falling beneath $34K as Russia invaded Ukraine on Thursday. BTC’s upside moves triggered upticks in the overall marketplace. LUNA and XRP gained 10% and 5%, respectively (CoinDesk data). Ethereum, the 2nd-largest digital currency, gained 2.66% to $2.710.
Some crypto enthusiasts expect a continued rebound amid increased volatility. However, experts predict short-lived price bounces due to geopolitical uncertainty. Meanwhile, BTC’s trading volume on leading exchanges hit highs never seen since the 5 December 2021 crash (CoinDesk data).
Consumer volumes remained tepid on the exchange despite massive moves within the cryptocurrency market, indicating decreased risk appetite. That is according to an email by Coinbase’s David Duong on Friday.
Remember, the global cryptocurrency market declined by almost 10% as Russia attacked Ukraine. With that, the overall market cap lost more than $200 billion of its value amid the downswings. Avalanche, Cardano, Polkadot, Dogecoin, Shiba Inu, and Ethereum were the most-hit tokens.
Crypto Prices Up
Bitcoin’s expected volatility for the coming week surged by 75% yearly. CoinDesk official Omkar Godbole stated that crypto’s inverted volatility structure leads to price bottoms. For now, all eyes remain on Russia and Ukraine as the nations await a peaceful dialogue in the coming days.
Volodymyr Zelenskyy, Ukraine’s president, stated that the imposed sanctions on Russia aren’t enough to halt Russian military operations in Ukraine. He added that they are safeguarding their country alone.
Western nations introduced some measures against Russia. They include prohibiting technology exports and black-listing Russian banks.
For now, crypto fans remain optimistic about the crypto market, awaiting massive upswings. Moreover, CryptoQuant data shows BTC’s buy-to-sale volume ratio surged within the past day, suggesting lucrative sentiment among investors.
Crypto Demand Surges in Ukraine amid Cash Transfer Interruption
Ukrainians stormed the crypto market as the central bank halted electronic cash transactions this week. That came as Russia attacked top cities in Ukraine. Furthermore, authorities blocking foreign exchange trade had citizens using crypto as a dollar alternative.
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