Bitcoin Back on Track, Nears $44k Amidst War in Ukraine

Bitcoin Back on Track, Nears $44k Amidst War in Ukraine

The top digital asset in the world went up to $43,713.46 on the first day of March, signaling the demand for digital assets after crypto donations surged to support Ukraine.

With Bitcoin seeing its lowest at the end of January in 2022, it managed to swiftly climb back up in early February.  However, after the conflict started escalating in Eastern Europe, people began selling crypto for the fear of it losing even more value because of the war. The price of BTC plunged, reaching $34,904.06 on February 24th.

The good news is, the price started sharply going up on February 28th. This is presumably due to the influx of crypto fundraising campaigns that look to support Ukraine. According to CoinMarketCap, Bitcoin’s price reached just over $43.7K on March 1st. Interestingly enough, based on a report by Bloomberg, BTC even managed to go over $44K, but no purchases were made at that price.

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Managing Partner at Gigabyte Investment Louis Curran spoke on the fluctuations that Bitcoin has faced over the past couple of weeks, stating:

"Bitcoin can benefit from some of the instability which will likely befall the dollar and euro as a result of worsening international tensions."

Some experts reiterated the statement, claiming that Bitcoin will become a lot more risk-proof for people living in regions with unstable financial situations, and the go-to asset for supporting countries in turmoil, whether it would be economic troubles or military conflicts.

At the time of writing, Bitcoin is on stable grounds, going up by 12.92% over the past 24 hours, and a trading volume of 46.95% during the same period. Currently, BTC averages $43,265.66.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree