A Green Market After Bitcoin Ruble Trading Volume Rises, Full Recovery Coming?

Bitcoin surged to $44,000 overnight on March 1 after a rise on Monday produced surprising results. Bitcoin has been gaining momentum in the past day, gaining more than $6,000 and surpassing $40,000 for the first time since the start of the Russia-Ukraine conflict. Most altcoins also saw significant gains, with Ethereum approaching $3,000 and Terra erupting 20%.

Bitcoin See trading volume soar

BTC/USD Reached $44,250 Before Stabilizing, According To Data From view trade, and remained above $43,000 at the time of writing.

Analysts struggled to predict what Bitcoin’s price movement will do next against a highly uncertain macro backdrop, a mindset that persisted as local highs surfaced.

The bitcoin market was impacted by Russia’s decision to conduct a special military campaign against Ukraine. Bitcoin traded around $39,000 before plunging at $5,000 to just over $34,000 on a monthly basis.

When the West announced that it would not become directly involved in the conflict, BTC started a rapid recovery and regained all of its lost value within hours. In addition, the asset continued to rise and was even challenged for $40,000 a few days later.

Graph for crypto liquidations. Source: Coinglass

Although initially unsuccessful, the asset was able to regain that desired level, according to reports yesterday. It rose further, reaching $44,000 for the first time since Feb. 17, resulting in nearly $300 million in liquidated holdings, according to CoinGlass.

Pentoshi, a well-known trader and analyst, predicted that more triggers would be added to the macro mix in March.

He told his Twitter follower:

“You mean, March is a month of huge variables,” on the day. So I think a daily approach is best. A lot is happening in the world right now. It’s a gamble. I’m still leaning towards annual opening, but after that it’s just a matter of waiting.”

Despite taking a more bullish stance in February, he stated that he “didn’t see Bitcoin’s rapid rise coming”.

BTC/USD soars to $43k. Source: Trading Display

Aside from the ongoing conflict between Russia and Ukraine, the United States Federal Reserve is expected to make a decision on key rate hikes later this month. Consumer Price Index (CPI) data for the United States is expected on March 10.

Related article | Crypto Wallets of Russian Politicians Targeting Ukraine – Big Reward Up for Grabs

Altcoins on green

Altcoins, meanwhile, went full on the offensive. Ethereum is up 11% and is now trading at $2,900. It is worth noting that when the battle broke out, the second largest cryptocurrency dropped all the way to $2,200.

Binance Coin is up 12% and is now trading at over $400. Ripple, Cardano, Solana, Avalanche, Polkadot, Dogecoin, and Shiba Inu are also doing well.

Terra, up around 20%, is the main gainer among the large-cap alts. As a result, LUNA is trading at $90.

Waves (40 percent), THORChain (24 percent), NEAR (22 percent), Theta Network (18 percent), NEO (16 percent), Fantom (16 percent), JUNO (15 percent), Oasis Network (15 percent), and a whole host of other coins have all pumped up their prices.

Since yesterday, the valuation of the crypto market has risen by nearly $200 billion and now stands at $1.9 trillion.

Related literature | New crypto security solution protects Bitcoin and other digital assets from theft

Featured image from Pixabay, chart from TradingView.com and CoinGlass

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