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Bitcoin Rose About 3% Tuesday on Russia/Ukraine Optimism
It’s the largest gain in a week for the most popular of cryptos.
Bitcoin retook the $44,000 level today, rising alongside equity markets after Russia announced the movement of some troops back to their home bases following exercises.
- “Perhaps the risk-off sentiment is waning, barring further escalation in tensions with Russia,” said Richard Usher, head of over-the-counter (OTC) trading at BCB Group. Overnight, a Russian Ministry of Defense spokesperson said some troops in the country’s Southern and Western Military Districts would be moving back to their home bases following the completion of drills.
- Bitcoin’s (BTC) 3% advance today is its biggest increase since Feb. 7 and comes as the Nasdaq gained 2% and the S&P 500 1.4%. Other notable crypto moves include ether (ETH), up 6%, and solana (SOL), ahead 5%.
- Also in the news was last night’s invocation by Canadian Prime Minister Justin Trudeau of the Emergencies Act in response to the country's trucker protest. The move allows banks to immediately freeze or suspend bank accounts of citizens without a court order or fear of civil liability. Many bitcoin fans are calling the action “free advertising” for the crypto.
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Brian Evans
Brian is a recent graduate from CUNY Journalism with a master's in the business and economics concentration. He interned with Conde Nast last summer and worked with Inc. Magazine through the fall semester. He spent the fall covering Starbucks and wrote extensively on the union push in Buffalo as it gained traction.
