Bitcoin (BTC) Went Up
The first cryptocurrency has shown almost a 10% growth as of the last seven days. Bitcoin was trading around $39.000 at the end of last week. On Monday, February 28, BTC’s price fell first to the area of $37.500 and then began to grow rapidly. By the evening of March 1, its quotes were above $44.500. Trading at this level lasted for three days. Bitcoin price exceeded $45.000 at its peak, but by Friday morning, March 4, BTC had fallen to the area of $41.500.
Prospects for Further Growth
Several well-known experts gave their opinion regarding the prospects of further growth of the first cryptocurrency:
- Jurrien Timmer, Director of Global Macro at Fidelity Investments, said on Twitter that he spotted a “double-bottom” Bitcoin pattern. This pattern came from technical analysis, indicating a rapid asset growth in the future. The expert noted that a similar pattern could be seen on stock charts, which correlate with the first cryptocurrency.
- In an interview with CNBC, legendary investor Bill Miller said that the escalating geopolitical situation around Ukraine could positively impact the crypto market in general and Bitcoin in particular. According to Miller, Russia holds almost 50% of its reserves in foreign currencies. Tougher sanctions may lead to the Russian authorities and ordinary citizens looking for alternatives, such as Bitcoin and other cryptocurrencies, the investor explained.
Political Confrontation and Cryptocurrencies
Academician of the Russian Academy of Sciences and former advisor to the Russian president Sergei Glazyev called for the rapid introduction of cryptocurrencies in Russia in an interview with Russian TV channel RBC. Glazyev believes that digital instruments should be introduced in Russia’s financial system amid tougher sanctions that have virtually paralyzed international transactions. Not only cryptocurrencies but also stablecoins can act as an alternative to bank transfers, the academician noted.
Meanwhile, US authorities call on major crypto exchanges to prevent Russia from evading sanctions by using digital assets. However, exchanges are responding differently. BTC-Alpha and KUNA, directly related to Ukraine, reacted to the call. They completely blocked access to their platforms for Russian users. Binance was among the major exchanges, which imposed restrictions only on users from the sanctions list, refusing to block the accounts of ordinary Russians. Cryptocurrency exchanges Coinbase and EXMO also refused to ban users. Kraken representatives agreed to block accounts only if there was a legally formalized request from the government.
Potential for Improved Market Sentiment
Despite worsening macroeconomic and geopolitical risks, long-term Bitcoin holders are in no hurry to put their assets up for trading, as evidenced by data from Glassnode analysts. This indicates continued confidence in the first cryptocurrency and sets the stage for improved market sentiment.
Note that this is not all the crypto news over the past week, but only a cursory overview of the most high-profile newsbreaks. More updates can be found on our website and social networks daily!