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HomeCRYPTOCURRENCIESits highest point in three weeks • ENTER.CO

its highest point in three weeks • ENTER.CO

On the morning of Tuesday, March 22, Bitcoin reached $43,337 on Bitstamp: the highest figure recorded since March 3, when its value increased by 3.6%. The increase, which this time stands at 5.6%, adds to the gains that other smaller cryptocurrencies such as Ether have been posting since the Russian invasion of Ukraine. According to Reuters, the value of the latter climbed 5.4% since February 17.

When Putin’s troops took over the Donbass region on February 24, Bitcoin was at $34,324. Which means that, since then, the cryptocurrency has appreciated by more than 26%.

It may interest you: Ukraine legalizes the use of Bitcoin

According to various analyses, although the recovery of Bitcoin could better respond to the tentative “appetite” for riskier assets, on Monday, the digital asset manager, CoinShares, assured that crypto investment products and funds showed net outflows of capital for the second consecutive week.

According to Bloomberg, this “tentative appetite” referred to has to do with the situation on the border between Russia and Ukraine, since assets that are usually relatively stable, such as wheat, gas or oil, have suffered unusual volatility. This scenario, in which the international crisis has hit the most traditional sectors in a special way (which has caused their prices to rise in the market), added to the legalization of cryptocurrencies in Ukraine, have served to increase their demand.

However, not everything is rosy for Bitcoin, as there is still some fear in the West that the elite close to President Vladimir Putin will find in cryptocurrencies a shortcut to circumvent the economic and commercial sanctions that countries such as the United States, Canada, France and Germany have imposed on Russia as punishment for their military actions.

Images: Unsplash

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