Bitcoin’s price surge, which briefly topped $44,500 on Tuesday afternoon, is now winding down.
BTC retreated to roughly $43,912 on Wednesday, but is still up almost $10,000 in the last five days and is poised to recapture January levels.
Bitcoin price surged more than 5% on Monday as markets processed new developments in the Russian invasion of Ukraine, despite risk aversion pushing down blue chip and tech sectors, which have been linked to cryptocurrencies for weeks.
Markets may be underestimating the economic fallout from Russia’s financial isolation. Sanctions were imposed against Russia to cripple its economy and financial systems.
To safeguard against the collapse of the ruble, which has lost more than 20% of its value, the Russian central bank closed the stock market and more than doubled its key interest rate to 20%.
Related Article | Bitcoin Wobbles After Putin’s Nuclear Deterrence Alert Warning
“At that point, Europe and the US would have to pressure the biggest exchanges (FTX, Coinbase, and Binance) to ban Russia-linked addresses, and no other major exchange would want to commit funds coming from those addresses. said Michael Rinko, a venture partner at AscendEx.
Bitcoin price rises 17% in 24 hours
Demand from Bitcoin buyers sparked a 17% surge in price in just 24 hours on Monday night. Although it is too early to identify a trend, crypto analysts and advisors are watching to see if this advance indicates a more significant change in direction or a “decoupling” of investments in stocks.
Total BTC Market Cap at $832.59 Billion on the Daily Chart | Source: TradingView.com
Bullish run for Bitcoin
Bitcoin price is up 2.40% in the last 24 hours, with a high of $44,953.06 and a low of $42,875.
Its current market volume is $1.67 billion and its market capitalization is $840.13 billion.
Due to the Russo-Ukrainian crisis, the volatility rates and decoupled stocks of BTC increased, resulting in a high price for Bitcoin starting the first week of March.
The Future of Bitcoin: Digital Gold
On the other hand, Bitcoin may be inclined to compete with gold and other safe-haven assets such as government notes and stocks in the future.
Bitcoin’s unalterable software code increases the supply of the token at a rate comparable to that of gold, from 0.5% to 1% each year.
The scarcity of gold helps it retain its value in times of economic hardship and excessive inflation, and it’s not unrealistic to expect Bitcoin to do the same in the digital age.
Related article | Criminal Whales Hold $25 Billion in Crypto Assets: Chainalysis Report
$100K still in the sights
Countries with currency restrictions, dual currency systems, governance issues, and corruption may see Bitcoin take off as a store of value.
Meanwhile, many analysts believe that the price of Bitcoin will eventually cross the $100,000 milestone; however, there are differing views on when that will happen.
According to a recent survey by Deutsche Bank, roughly a quarter of Bitcoin investors anticipate the price of the cryptocurrency to exceed $110,000 in five years.
Verve Times Featured Image, Chart from TradingView.com
This post Bitcoin Price Rises $10K as Crypto Predicted to Reach $100K in 5 Years
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