Bitcoin (BTC). broke the USD 40,000 barrier today after it was rejected over the weekend. This major breakthrough is on a positive day for BTC and the wider crypto market. Most coins are now in the green for 24 hours.
BTC was USD 41,133 at 16:43 UTC. This is a 5% increase over the previous 24 hours and almost 7% over the past seven days. Ethereum(ETH) traded at USD 2,825; it was up 2% per day and 7% per week.
BTC’s strong performance comes after Wall Street opened its US stock markets on Monday. The S&P 500 index was down just a little compared to Friday’s closing price. The important index was trading at USD 4,378, a 0.1% decline for the day.
Despite significant geopolitical tensions between Russia and the West over the conflict in Ukraine, bitcoin prices soared higher. The Russian ruble fiat currency has fallen against the US dollar due to sanctions. Some Russians are now interested in Bitcoin and USD pegged stablecoins to protect their savings.
“If Russian citizens understood that sanctions can be avoided using bitcoin, then we might have seen a spike by now,” Quantum Economics founder and CEO Mati Greenspan stated in a note today just before the latest price increases.
He said, “Perhaps it is a sign we are still early.”
reports that the talks between Russian officials and Ukrainian officials are over. They also reported that the delegates will be returning to their respective capitals for more consultations prior to the second round.
Crypto Ed, a popular crypto trader, commented on the state of the bitcoin market via Twitter. He said that he was “confident” BTC would move to USD 42,000. This is what he considers the next natural resistance.