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Bitcoin Soars Above $44,000 as Russia-Ukraine Conflict Rages

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Bitcoin (BTC) has managed to bounce back to above $44,000 posting huge growth in the last 24 hours. The crypto market seems to be recovering as the Russia-Ukraine conflict progresses and sanctions are coming from the EU and the US.

 

The last 24 hours have left a good feeling for users of the crypto market with a notable recovery led by Bitcoin (BTC). In the last 24 hours, the digital asset by definition has managed to recover about 13% , and if we look at a period of less than 12 hours, the growth is greater than 15%. This translates to Bitcoin (BTC) rising above $44,000 for the first time since February 17.

The asset is currently trading at around $43,931 after slightly correcting above $44,500. During the last hours the highest value that the asset has reached is $44,755.

As for the main altcoins, it has also been possible to see how the assets have followed the behavior of BTC and outlining gains over the last few hours . Within the TOP 10, Terra (LUNA) and Avalanche (AVAX) are the assets that have grown the most with gains of 12.19% and 10.25% , specifically LUNA has had a great performance even with the drop caused by the beginning of the Russia-Ukraine conflict, growing by 64.1% in the last 7 days. Ethereum (ETH) has also seen gains to a lesser extent, rising 8.26% in the last 24 hours, currently trading for around $2,973 .

The recovery of the crypto market has coincided with the beginning of the sanctions on Russia for making the decision to start the invasion of the neighboring country Ukraine . These sanctions have brought the value of the Russian ruble to record lows, endangering the country’s economic stability. The sanctions have directly targeted Russian banking institutions by disconnecting them from SWIFT, the international payment messaging system.

As for digital assets, the president of Ukraine himself has asked the exchange houses to freeze the accounts of users and possible Russian administrations . At the moment the major exchanges have not been mentioned about the request, but Ukraine is already preparing a series of lawsuits to achieve this restriction by force. On the other hand, digital assets have become one of the main sources of donations to help the Ukrainian people . Since the beginning of the war it is speculated that the donated capital already exceeds 50 million dollars and is increasing. One of the most recent donations has been that of Gavin Wood, the founder of Polkadot, who donated 298,367 DOT , 5.8 million dollars to the cause.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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