Bitcoin has recovered the $40,000 mark within the hour following signs of progress in negotiations between Ukraine and Bitcoin amid ongoing conflict.
Russian President Vladimir Putin stated that “positive movement” was being made in the negotiations on a “daily basis.” Russia is facing penalties from Western countries, among others, as world leaders criticize the invasion of Ukraine.
After Putin’s remarks, Bitcoin spikes
The spike came in the wake of new comments from Russian President Vladimir Putin, who indicated in a meeting with his Belarussian counterpart, Aleksandr Lukashenko, that there had been “positive shifts” in the Ukraine dynamic.
Putin claimed that there have been improvements in talks between Ukraine and the Kremlin.
“There are certain positive shifts, negotiators on our side tell me.”
BTC/USD transactions close to 40k Source: TradingView
Putin’s remarks boosted global markets. Futures on the S&P 500 rose 1.31%, while futures on the tech-heavy Nasdaq 100 rose 1.65%. Europe saw a higher level of sentiment, with the Stoxx Europe 600 increasing 2.09% and the DAX Germany rising 3.41%.
BTC/USD volatility was high at the time this article was written. Bulls are aiming to surpass $40,000 resistance and more convincingly.
Volatility was also a factor in liquidations, where over $24 Million in leveraged positions have been wiped from the market in just the past hour. Bybit was the largest single order for liquidation, with a value of $6 million.
Inflation in explosive growth #BitcoinBitfinex shorts
It’s a terrible thing to do, but capitulation is coming pic.twitter.com/FTQGt41UBQ
— Cole Garner (@ColeGarnerXBT) March 11, 2022
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Traders Confused About Market
The market for cryptocurrency remains volatile. Bitcoin rose from $38,600 in European morning hours to little more than $40,200 after Putin’s remarks were made public. Ethereum, XRP, and Solana’s SOL all gained 2.4% in the last hour, while Polkadot’s DOT led advances with an 8% rise in the last 24 hours.
However, it’s worth mentioning that Russian troops are rumored to be gathering around Kyiv, and some foresee a possible effort to encircle the capital.
Adam Cochran (a well-known analyst and crypto critic) commented on the contradictions, saying:
“Markets are so thin and so desperate for relief that we’re moving on vague positive news in the Russia-Ukraine conflict while both sides also release worsening statements and escalating action.”
Bitcoin traded at the lowest end of the established range. It was unable to maintain its position for too long, as the price of Bitcoin near $42,000 became impossible in 2022.
The most recent price action was however a great blessing for traders. Popular Twitter account Anbessa informed her followers that everything was proceeding as expected.
$BTCSubscribe to the /USD Update📈✅
🔹Playing out bullish divergence✔️
🔹4th entry -> 4 bounce up 3% pic.twitter.com/QqZnheFLyQ— AN₿ESSA (@Anbessa100) March 11, 2022
The deterioration of Ukraine’s position has sent shockwaves through global markets. India experienced a large outflow in foreign capital this week worth billions. Brent crude reached $140 per barrel.
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