Bitcoin recently checked its latest advance at the Wall Street open on the 23rd of February, as the repercussions from Russia continue to play out. According to data secured from TradingView and Cointelegraph Markets Pro, it has been understood that the BTC/USD exchange went towards the $38,000 mark on the 23rd of February- after touching a high of $39,200.
Incidentally, the pressure coming through from the Russia-Ukraine conflict has definitely been a constant threat to equities- something most cryptocurrencies will closely correlate.
Bitcoin Price Has Been On A Free-Fall
The S&P 500 for Bitcoin traded down by 0.25% in the very first hour, while the MOEX index from Russia went through heavy losses on the 23rd of February- going by around 7.3%.
The Russian ruble also went through a decline in its step, after it accelerated past 80 to the dollar on news that the United Kingdom had already stopped Russian businesses clearing in either dollars or the GBP. With such uncertainty in the air as of now, most of the market participants have been looking for low-time frame shots.
William Clemente, the lead insights analyst for Blockware, stated that Bitcoin could be bullish over the next few months. Much of the strong holding behavior on-chain paired with a lot of relative dry powder sitting on stock exchanges, stacked bidside through order books, and spot premiums over perps.
In terms of Bitcoin going through global equities, Ki Young Ju, the current CEO of CryptoQuant, an on-chain analytics platform, went on to argue that it wasn’t all bad news for those who were hoping that the BTC would decouple to turn into an asymmetric hedge against global uncertainty.
