Bitcoin rose to $44,000 on Monday, March 1, after an unexpected rise. Bitcoin surged to $44,000 overnight on March 1, after a Monday rise that produced surprising results. It has gained over $6,000 since then and broke through $40,000 for only the second time since the Russian-Ukraine conflict. Majority of altcoins also saw substantial gains, with Ethereum reaching $3,000 and Terra rising by 20%.
Bitcoin Trading Volumes Rise
According to TradingView data, the BTC/USD exchange rate reached $44,250 after stabilising and remained at $43,000 as of this writing.
Analysts have struggled to forecast the next Bitcoin price movements against an uncertain macro background. This mindset persisted even as local highs emerged.
The bitcoin market was impacted by Russia’s decision to conduct a special military campaign against Ukraine. Bitcoin traded at $39,000, before falling to $34,000 monthly.
BTC made a quick recovery after the West declared that it wouldn’t be directly involved in the conflict. It regained its entire value within hours. Additionally, the asset increased in value and was challenged for $40,000 only a few more days later.
Chart of crypto liquidations. Source: Coinglass
According to reports, although initially failing, yesterday’s asset managed to recover the desired level. CoinGlass reports that it rose to $44,000, the highest level since February 17th. This resulted in close to $300 million worth of holdings being liquidated.
Yesterdays #BTCWe made trade with the group.
It wasn’t expected to work that hard, tbh. I would have increased TP because it is capable of doing 1 leg more before any correction. The entire move was red box. Now, 1 more leg (smaller) to do imo.
Nice, quick profit 👍 pic.twitter.com/1suDz8pk7p
— Crypto_Ed_NL *not asking to send DM’s* (@Crypto_Ed_NL) March 1, 2022
Pentoshi is a well-known analyst and trader who predicted the addition of more triggers to the macro mix for March.
He toldHe is a Twitter follower
“Want to state, March is a month of massive variables,”on the day. It is better to just go with the flow. The world is full of things right now. It’s anyones guess. I’m leaning towards yearly open still, but after that it’s wait and see.”
Despite taking a more bullish stance in February, he stated that he “did not see coming” the amount of Bitcoin’s quick rise.
BTC/USD plunges to $43k Source: TradingView
The Federal Reserve of the United States will likely make an announcement on major interest rate increases later in the month, apart from the Russia-Ukraine war. The March 10th release of the consumer price index (CPI), data for the United States, is scheduled.
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Altcoins On Green
Altcoins, on the other hand, took a full-throttle offensive. Ethereum’s value has increased by 11% to $2,900. It’s worth mentioning that when the battle broke, the second-largest cryptocurrency dropped all the way to $2,200.
Binance Coin traded at $400 and is now up by 12% Ripple is also performing well: Cardano and Solana are doing well, as well as Polkadot. Dogecoin. Shiba Inu.
Terra with an increase of around 20% is the biggest gainer among large-cap alts. LUNA trades at $90 as a result.
Waves (40%), THORChain (24%), NEAR (22%), Theta Network (18%), NEO (16%) Fantom (16%) and JUNO (15%) have all seen their prices rise.
Yesterday’s crypto market valuation increased by close to $200 billion and now stands at $1.9 Trillion.
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Pixabay's Featured Image, Chart from TradingView.com and CoinGlass