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Market update: Bitcoin soars following hopeful news from Russia

Market update: Bitcoin soars following hopeful news from Russia

The cryptocurrency market kicks off the week in a green fashion. After the resurgence of Bitcoin (BTC) last week (February 7 to 13, 2022), it subsequently reentered a small downtrend along with the rest of the crypto market, but today the entire market is turning green again.

The hard gains are possibly caused by some hopeful news from Russia. According to several news sources, Russia is sending some of its troops away from the border with Ukraine. This could indicate a de-escalation of the heated situation in the Eastern Bloc right now.

According to experts, the geopolitical uncertainty surrounding Russia and Ukraine has been the cause of the recent declines in the crypto and stock market, but on the contrary, news indicating a possible happy ending is having a positive effect on prices again.

Over the past 24 hours, the total crypto market capitalization has increased by 6.2%, from €1.65 trillion to €1.74 trillion. This steep rise started in the middle of the night and is continuing at the time of writing.

Bitcoin price

Bitcoin broke through the important resistance of €36,700 earlier this month and even peaked near €40,000. This past week, however, came the expected consolidation. Indeed, a hard rise is often followed by a period of consolidation. Bitcoin again tested the old resistance of €36,700 yesterday and managed to turn it into support.

Last night around 2 AM BTC started to rise again and quickly broke the important resistance at €38,200. At the time of writing the resistance at €39,000 is being tested, and if it falls there is another strong resistance around €40,000.

If €40,000 is also broken, it looks like Bitcoin could potentially enter another bullish period, but that‘s not the case yet. The situation between Russia and Ukraine is at the forefront, and that situation is all-important. Should Russia still invade Ukraine, there is a high probability that the stock market and also the crypto market will collapse.

Hardest risers & fallers in the top 100 cryptocurrencies

As we always see, the entire crypto market is rising along with Bitcoin. Looking at the top 100 cryptocurrencies on CoinMarketCap, we see that there is actually only one coin very slightly in the red: Symbol (XYM), with a drop of 0.06%.

So the rest of the coins in the top 100 all rose, but some performed better than others. The biggest gainer of the day is Kadena (KDA), up 23.7%. It is followed by The Graph (GRT), with an increase of 17.3%. And in spot 3 comes Mina (MINA), up 16.85%.

The biggest gainer from the top 10 cryptocurrencies is Avalanche (AVAX), up 12.5%.

Luc Smits van Oyen
Coinmerce news