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Morning Brief: Bitcoin And Crypto Soar As Ruble Falls

Bitcoin and the rest of the crypto market have seen massive volumes in the last few days. Bitcoin has climbed back to the ~44k level, after touching ~32k earlier this year. This comes amid the Ukrainian war with Russia. The Ruble has been hammered, as Russia continues to receive strict banking sanctions. The Ruble (Russian's currency for those that don't know) has fallen to just less than .01 cents against the USD.


The Russian financial markets have been completely hammered in the last week, as the invasion took place. Russia is scrambling to stay afloat . They have had to raise Central Bank rates to 20% from the 9.5% they were offered at.


Bitcoin and crypto have benefited from this uncertainty , as Bitcoin purchases against the Ruble jumped $1.5 billion in a single day.


This renewed interest has really benefited crypto. which was really struggling to gain support under the ~42k price level. However, will this support last for crypto currencies, which continue to see regulation headed its way from major banking systems. Also, the meta verse seems to have flopped, leaving crypto in less demand as well.


We will have to see if Bitcoin can hold the line at ~42k price support/resistance point, and will be tested again for growth at the 51k resistance level.



 



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