As the war continues to rage in Ukraine, Bitcoin, as well as other major cryptocurrencies, went on a wild ride throughout the past seven days.
The past week went over the flag of war taking place in Europe following Russia’s invasion of Ukraine. All eyes were on the conflict while global markets and cryptocurrencies were as volatile as ever. Let’s start with Bitcoin.
Last week this time, things were looking relatively calm for Bitcoin despite the ongoing war between Russia and Ukraine. At that time, major economic forces such as the EU and the US hadn’t yet enforced any serious sanctions as most of them were still being discussed. All of this changed on Monday when itthat a number of Russian banks will be excluded from SWIFT, essentially cutting their operational connections to the western world.
This propped up Bitcoin markets as trading volume soared in both Russia and Ukraine. The cryptocurrency soared on Monday and jumped from around $38K to $44K on Tuesday. During the next few days, the price consolidated around this level, but things started taking a turn for the worse, and BTC is currently trading around $41,000.
The rollercoaster-like price action translated to a volatile market altogether as major altcoins also followed suit, with certain exceptions. Among those that stood out were Luna, charting a massive increase of about 38%, as well as ATOM – up about 35%, at the time of this writing. Elsewhere, the conflict between Russia and Ukraine also brought up the topic of crypto regulations. The Chairman of the US Federal Reserve, Jerome Powell, reiterated the need for firm legislation amid the geopolitical tension.This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:All in all, the past week was particularly tumultuous on all fronts.
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