It has indeed been a pretty bad week for all the macro markets while the weekend has successfully managed to provide some respite to the different marketers and investors of cryptocurrency. According to news crypto today, BTC or Bitcoin has actually faced down the $40,000 mark on the 27th of February. The price fluctuations that have been going on with Bitcoin are definitely something that has been a cause of worry for many people.
Tensions Pile Up With the Opening of TradeFi Markets
The data that has been collected from the Markets Pro, as well as TradingView sections of Cointelegraph, tend to show that BTC/USC has been making different attempts in order to properly move on from the $30,000-$40,000 front. However, the efforts have actually managed to land in rejection as there is no hope for Bitcoin to cross the $40K mark during this week.
The pair actually have properly stayed broadly in a high place throughout the entire weekend. This was after the traders were cut some slack from the volatile week. Bitcoin has been going through a lot for sure.
As it has been reported by Cointelegraph, the Bitcoin bulls were actually going to face higher losses but they were spared. This was also after the invasion move on Ukraine by Russia which managed to bottom out different cryptocurrencies for sure.
Popular crypto analyst and trader Pentoshi has to say, “Cautiously optimistic this is a short to mid-term bottom for BTC,”. He also said, “I pulled my 40.3k orders (not great) and will focus higher to 41.6k for de-risking. Must flip that and there’s some pretty decent upside. I am still cautious because the macro landscape in my opinion is anything but bullish.”
The particular macro landscape was actually poised in order to properly deliver a pretty fresh section of uncertainty this Monday. This was also thanks to the moves that were made by the West. Now, what are these moves?
Well, it was to ensure that Russian banks are cut off from the liquidity off-shore as well as the payment system of SWIFT. The mention that was made about the nuclear deterrent of Russia by Putin actually managed to ruffle some powerful feathers this weekend. It is said that Russia and Ukraine are both beginning to have certain negotiations. The negotiations took place on the border of Belarus.
For the proponents of Bitcoin, this potential known-on impact related to the financial sanctions on Russia as well as the status of cryptocurrency in a neutral network actually took the center stage in the best way.
Former CTO of Coinbase Balaji Srinivasan had to say in his Twitter response related to the central bank freezing some assets. He mentioned that they are still trying to process the different implications.
“This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, the possible collapse of the Russian economy.”
The Weekend is Pretty Boring for Crypto
For the different markets of cryptocurrency, there were not many opportunities for growth. This was due to the fact that the sentiments remained in the mode of waiting. There weren’t many noticeable moves, even in the case of the popular cryptocurrencies. Also, Bitcoin was included in the list as well.
According to News Crypto Today, ETH/USD traded at near $2,800, with weekly gains nonetheless approaching 6%.”Pretty boring market movements during the weekend and that’s not weird,” summarized the contributor of Cointelegraph Michaël van de Poppe. Also, “Probably approaching a very hectic & volatile week with the war in Ukraine. Don’t go ham on your positions, just play it slow. Sentiment and momentum can switch fast due to these political events.”