The crypto market capitalization is up by almost $400 billion in several days while reports indicate that Russians have turned to Bitcoin.
Bitcoin went on a tear in the past day or so by surging by more than $6,000 and breaking above $40,000 for the first time since the war between Russia and Ukraine started. Most altcoins marked substantial gains as well, with Ethereum nearing $3,000 and Terra exploding by 20%.
Bitcoin Marks 12-Day High
It’s safe to say that Russia’s actions to launch a special military operation against Ukraine impacted the cryptocurrency market. Bitcoin traded at around $39,000 before it plummeted by $5,000 to a monthly low of just over $34,000.
However, when the West said they will not get directly involved in the war, BTC began its rapid recovery and regained all lost value in hours. Moreover, the asset kept climbing and even challenged $40,000 a few days later.
While it was unsuccessful at first, the asset actually managed to reclaim that coveted level yesterday, as reported. It continued upwards and tapped $44,000 for the first time since February 17, resulting in over $300 million worth of liquidated positions.
As of now, BTC stands at around $43,500, and its market capitalization has soared well above $800 billion.
Source: Cryptopotato.com
