The price of Bitcoin experienced its first freefall dive under the sum of $38,000 in around two weeks on the 20th of February. This has also led to quite a few macro triggers rattling low-volume weekend markets. According to data that was received from TradingView and Cointelegraph Markets Pro, it has been understood that after witnessing the BTC-USD exchange rate crossing out every Sunday, most of the following threats of fresh sanctions came on Rusia for its alleged plans to invade Ukraine- its neighboring country.
Price Of Bitcoin Has Gone Below $35K
After a relatively quiet Saturday week, most of the cryptocurrencies like Bitcoin began to start moving in a state of downhills after most of the comments from Boris Johnson- the prime minister of the United Kingdom- started commenting on the financial blocks brought about by Russia in the event that the conflict starts escalating. These would definitely be prohibited from being traded in dollars and pounds- as reported by BBC- where Johnson- the Prime Minister of the country- alluded to receiving help from the United States.
With crypto being the only reason behind markets staying open, the reaction to any form of geopolitical fears in the reason could definitely foreshadow a greater knock-on effect in the coming weeks as most of the traditional markets. Monday definitely seems to be a holiday on Wall Street.
While commenting on this situation, Mike McGlone, the Chief Commodity strategist at Bloomberg Intelligence- where they also drew some attention to the ongoing issue of inflation and how it affects reality- which would help us Bitcoin into a turning into a risk asset performance. Along with his earlier comments, he also commented that BTC would definitely do a lot better- knocking into a sea of change in American policies the previous month.