Bitcoin price was supposed to revisit the lower support around $30,000 for quite some time. But the crypto space completely turned the tables and appears to be done with the correction to some extent. A large buying volume lifted the price from the narrow trend, generating a double-digit gain in the last few hours. At press time, BTC price is around $43,105 with a massive 14.58% gain. Also, the market capitalization is around $817.7 billion.
The ongoing Russia-Ukraine had a negative impact on the entire crypto space, drastically lowering the prices of cryptocurrencies to a great extent. However, despite a war-like situation still prevailing, crypto markets are currently thriving with double-digit gains. What suddenly changed? We’ll see!
Also Read: Bitcoin Initiated Market Structure Change, Another 10% Jump Looks Imminent Now!
$101 million Settlements
Liquidations are the main reasons for large price reversals within the crypto space. Nearly $101 short has been liquidated in the last 12 hours. This has caused a massive turnaround that has lifted the price of BTC from the $38,000 levels.
Russian Ruble Sinks, BTC Rises
The conflicts between Russia and Ukraine have seriously affected the Russian currency, the ruble. The Currency has lost its value in the international market, which has forced them to look for other investment options. And therefore, according to some reports, the trading volume has peaked with the ruble since May.
BLOOMBERG: TRADING VOLUMES IN #BITCOIN USAGE OF THE RUBLE HAS RISED TO THE HIGHEST LEVEL SINCE MAY
— Bitcoin Magazine (@BitcoinMagazine) February 28, 2022
Citizens around the world are waking up!
Considering the current situation where governments fail to protect the value of fiat currency. Therefore, citizens around the world are waking up, analyzing the fact that they can no longer trust their government to secure their hard-earned money.
Because it is #bitcoin popping up right now?
It is increasing because citizens around the world are waking up to the fact that they cannot trust their government with their money.
— Dan Held (@danheld) February 28, 2022
The current uncertain conditions have undoubtedly had a negative impact on the crypto space, but adoption rates are expected to soar from now on. During the times of Covid, Bitcoin gained mainstream attention and during major conflicts this attention may intensify further which is a bull case for BTC price.
This post Bitcoin (BTC) Price Broke Crucial $43K Levels, But What Changed?
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