All global markets are currently in decline as a result of the escalation in tensions between Russia, Ukraine and Russia. The most popular cryptocurrency Bitcoin (BTC) was down to $34,000 during this crisis. However, it has since recovered. According to an expert, this is the best time to invest Bitcoin.
Bitcoin falls after Tensions
Bitcoin rose little after Wall Street began on February 24, with markets still focused on Russia’s invasion of Ukraine and its aftermath.
Two hours later, the BTC/USD traded at $36,400 in Bitstamp, up $2,000 over its most recent lows according to TradingView.
Russia’s nighttime foray into Ukraine, which persisted and ricocheted across global commerce, rocked jittery markets.
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Russia’s stock market, however, suffered a different amount of stress, with MOEX losing 50% of its value and briefly suspending trade.
Bitcoin has shown a remarkable recovery from its earlier decline.
BTC/USD trading at $36k in crisis TradingView
Sahil Sakhrani (a market analyst at Macro Hive crypto research firm) said:
“At the start of the week, escalating tensions between Russia and Ukraine had hit crypto markets hard. Our crypto indices were already showing sizeable losses across all sectors.”
Sakhrani cautioned that the imposition of fresh sanctions against Russia’s economy might exacerbate the issue further, and that Bitcoin’s relationship with traditional stock markets should not be neglected.
Mike McGlone: This is an Buying Opportunity
Mike McGlone from Bloomberg, senior commodity analyst said to Scott Melker, host of Wolf of All Streets, that corrections are in order in markets, especially in equities and crypto.
McGlone, in particular, believes that this is a “defining moment” for the digital asset; despite the uncertainties, he sees this as a “very good buying opportunity” for long-term investors who have been sitting on cash.
According to the commodity strategist:
“The key thing to point out here is cryptos and Bitcoin are still risk assets and they’re giving up back a lot of gains. There is still more to be had. I don’t think Bitcoin gets much below $30,000 its holding good resistance around $40,000. For long-term Bitcoin traders, this will be an excellent buying opportunity. It’s going to be looked back upon in history as a defining moment.”
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Featured image taken from Pixabay. Chart from TradingView.com