According to figures from Coinbase and Coindesk, cryptocurrency values have risen nearly as swiftly as they fell, with some analysts referring to Bitcoin’s capacity to act as a safe haven asset during times of global turmoil.
Today, the cryptocurrency market capitalization reached $1.7 trillion. This indicates that the wider industry in crypto has seen a nice rebound.
Bitcoin trades at $43,232.38 today. That’s an increase of 14.40% over Monday. The cryptocurrency market may be affected by a bullish trend until the next weeks as it is still within its boundaries.
BTC saw a record high of $43,760.46, and lows of $37585.36. At present, its market capitalization is $820.17B.
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Ethereum has also shown bullish tendencies with a price current at $2919.47. It also experienced an 11.69% gain in the 24 hour period.
The market capitalization of the company is $343.74 million. Its highs are $2,972.33 while its lows are $2,571.94.
Safe Haven Asset Tested
The impact of Russia’s invasion of Ukraine was felt by markets worldwide. With its market capitalization falling below $1.5 trillion, the Bitcoin market also suffered.
However, as evidenced by Tuesday’s positive price increase, Bitcoin has recovered enormously.
As the conflict continues, there will be greater volatility on the cryptocurrency markets worldwide. This could lead to substantial price increases for Ethereum and Bitcoin.
Thanks to the market’s recent rebound, it has now recovered from earlier losses. Bitcoin hit a critical support zone, resulting in a buying frenzy among crypto investors that signaled the rally’s start.
BTC market capital at $823.41 Billion in daily chart | Source: TradingView.com
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Heavy Liquidations
Coinglass data shows that 94.769 traders were liquidated within the past 24 hours. This amount amounts to $439.61 millions. The total amount of $155.45million was 35.36% attributed to longs, while the rest came from shorts.
The data also revealed that liquidation was most prevalent at the New York Stock Exchange’s Friday close and at the Asian Exchange’s start, when Bitcoin prices soared.
Ruble Collapses, Bitcoin Up
After a stunning price increase that coincided with a significant drop in Russia’s currency, Bitcoin now has a higher market valuation than the Russian Ruble.
The Russian crypto exchange has been offline due to a significant rise in traffic as Russians try to trade rubles for cryptocurrencies. This could have happened because the fiat currency is under severe economic sanctions.
Some analysts believe this to be an indicator that cryptocurrencies can be used to transfer money between countries and to store and protect the money’s value in case traditional currencies cease to work.
Featured image taken from MSN. Chart taken from TradingView.com