Skip to main content

Bitcoin stays below $40,000, BTC/ruble hits new record high

 


Bitcoin ( BTC ) recovered today, March 8, from yesterday's one-week low after the ongoing crisis in Ukraine dragged the market down again noticeably.


Only commodities can gain

However, data from Cointelegraph Markets Pro and TradingView showed that BTC/USD bounced back from $37,170 on Monday.


At the same time, a new support could be established at 38,500 US dollars, which is still holding at the time of going to press.


The crypto market and the stock market had previously reacted noticeably negatively to the fact that the third round of negotiations between Russia and Ukraine was also unsuccessful.


“There are first small successes in the expansion of humanitarian corridors. And we are also conducting intensive negotiations about a possible ceasefire and security guarantees," said negotiator Mykhailo Podolyak, summarizing the current situation .


However, this news was apparently not good enough, because the stock market continued to fall on Monday, with the important stock index S&P 500 losing 2.95%.


Meanwhile, some commodities went up, for example nickel rose to 100,000 US dollars per tonne on the London Metal Exchange.



Meanwhile, Russia's financial markets are looking bleak, although Russian investors turning to BTC have something to cheer about. Thus, the currency pair BTC/RUB hit a new record high of 5 million rubles on Monday evening.


Nevertheless, Bitcoin cannot currently prove itself as a crisis-proof store of value , because the market-leading cryptocurrency cannot lose its correlation with the stock market and is falling in step with it.


But some Bitcoin advocates, such as TFTC's Marty Bent, remain optimistic , citing that "the world can watch as trust is repriced in real-time." And further:


“When this is all over, Bitcoin will be the big winner as the masses will understand that a decentralized system not controlled by any one person, government or corporation is the only one they can trust.”

Meanwhile, further inhibitions may have been caused by the fact that crypto regulation in the USA is a hot topic again.


$40,000 as a new price target

Bitcoin therefore remains unattractive in the short term, and the upward potential seems capped for the moment.


The two analysts Anbessa and Crypto Ed still see the $40,000 mark as a realistic target for a new upswing.

"The price target will be better set once the correction is over, but for now I'm staying at $40,000," Crypto Ed explains .

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more