Bitcoin’s price recently soared by $2500 within one hour in light of US President Joe Biden’s comments on Russia’s invasion of Ukraine. It’s now recovered to its price since before the market panic surrounding the conflict took place.
- Yesterday, Bitcoin’s price collapsed from $39k to $34,500 after Russian forces began attacking Ukraine’s military infrastructure. Over $400 million in liquidations took place following the crash.
- The entire crypto market had declined by $200 billion on the news, leaving it at just $1.6 trillion in total.
- Today, President Biden announced that Russia’s aggression “cannot go unanswered,” and promised sanctions on four of Russia’s largest banks from the US and western allies. He said they’d “limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.”
- The president also promised to send more forces to Germany to support the NATO alliance along the eastern flank. However, he also made clear that no troops would be sent directly to Ukraine to take part in the conflict.
- Bitcoin responded immediately to the news. Sitting at $36,300 as of 2:02 PM EST, it moonshot to $39k exactly one hour later.
- The president’s comments were likely quite reassuring for Americans, who held momentary fears of an incoming WWIII scenario. An Associated Press poll found that just 26% of the population support playing a major role in the conflict.
- Bitcoin’s price action in response to news of war may suggest that it’s not a safe-haven asset as many claim – but CryptoQuant’s CEO maintains otherwise.
- Bitcoin’s price now sits comfortably at about $38,400.
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