Bitcoin held on after touching its highest levels this year amid the Ukraine war

Bitcoin on Tuesday held just below this year’s highs, which were touched the day before, as the native cryptocurrency’s gains exceeded 27% since the Russian invasion of Ukraine.

Bitcoin price reached $48,234 on Monday evening, the highest level since December 31. It was last traded up 0.9% at $47,553.

Its gains lifted smaller cryptocurrencies that tend to move in tandem with Bitcoin. Ether, the second largest token, reached $3,436 on Monday, the highest level since early January.

Market players have cited emerging signs of a new wave of cryptocurrency adoption by institutional investors and financial firms, whose interest over the past two years has fueled crypto’s journey into mainstream niche technology assets.

Bitcoin is up over 12% in the last week alone.

Among the supportive comments cited by the CEO of BlackRock, who said last week that the Russia-Ukraine war could eventually lead to the acceleration of digital currencies as a tool for settling international transactions.

Noel Acheson, head of market insights at US crypto firm Genesis, said such moves signal “the growing conviction that the cryptocurrency markets deserve more resources.”

Despite talking about bitcoin and other cryptocurrencies at the same time as traditional assets from stocks and forex to bonds, it remains as volatile as ever.

Bitcoin reached an all-time high of $69,000 in November, before dropping nearly 30% in just 24 days.

(Reporting by Tom Wilson and Elizabeth Hawcroft; Editing by Frank Jack Daniel)

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our determination and our commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *