Bitcoin Spotlight As Safe Harbor Asset As BTC Crosses $43K

According to figures from Coinbase and Coindesk, cryptocurrency values ​​have risen almost as fast as they have fallen, with some analysts citing Bitcoin’s ability to act as a safe haven in times of global turmoil.

The cryptocurrency market cap today reached $1.7 trillion, indicating that the broader crypto industry has recovered nicely.

Bitcoin is active today, trading at $43,232.38, up 14.40% since Monday. It falls within the bounds of a bullish trend that could affect the cryptocurrency market for weeks to come.

BTC registered a high of $43,760.46 and a low of $37,585.36. The market cap is currently $820.17 billion.

Related article | Bitcoin falters after Putin’s nuclear deterrent warning

As for Ethereum, it also exhibited bullish trends with a current price of $2,919.47 which also had an 11.69% gain in the last 24 hours.

It has highs of $2,972.33 and lows of $2,571.94; its market cap is high, at $343.74 billion.

Safe Haven Assets Tested

The impact of the Russian invasion of Ukraine was felt in the markets worldwide. The Bitcoin market was not spared, with a market cap dropping below $1.5 trillion.

However, as evidenced by Tuesday’s positive price rally, Bitcoin has recovered greatly.

Greater volatility in the global cryptocurrency market will no doubt increase as the war continues, resulting in significant increases in Bitcoin and Ethereum prices.

Thanks to a last-minute rebound seen earlier today, the cryptocurrency market has recovered from its previous losses. Bitcoin hit a critical support zone, resulting in a buying frenzy among crypto investors that marked the start of the rally.

BTC total market cap at $823.41 billion in the daily chart | Source: TradingView.com

Related article | Criminal Whales Hold $25 Billion in Crypto Assets: Chainalysis Report

Heavy liquidations

According to Coinglass data, 94,769 traders have been liquidated in the past 24 hours, totaling $439.61 million. Longs accounted for $155.45 million, or 35.36% of the total, with shorts accounting for the balance.

It also showed that most of the liquidations occurred during the New York Stock Exchange Friday close, and the start of the Asian Exchange, when Bitcoin’s price rose dramatically.

Ruble Collapses, Bitcoin Up

After a stunning price increase that coincided with a significant decline in the Russian currency, Bitcoin now has a higher market valuation than the Russian ruble.

A significant increase in traffic yesterday as Russians race to exchange their rubles for cryptocurrencies as the fiat currency comes under severe economic sanctions could be one of the reasons for the offline failure of the Russian crypto exchange.

Meanwhile, some analysts said this is an indication that cryptocurrencies are being used to transport money across borders and as a means to protect and store the value of money when traditional currencies fail.

Featured image of MSN, chart from TradingView.com

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