Struggling Cryptos See Rise After Russian Sanctions From US

Republished By Plato

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Bitcoin and other altcoins saw an upward trend after price plunges due to the Russian-Ukraine conflict.
Traders seem to have shaken off the effects of the conflict after President Biden handed Russia another sanction.
Crypto price movements have become more correlated with movements in other risk assets.

Bitcoin and other altcoins saw an upward trend after struggling to regain their momentum due to earlier losses on the heels of conflict between Russia and Ukraine.

Traders appeared to shake off the effects of the Russia-Ukraine crisis after U.S. President Joe Biden announced severe sanctions against Russia. This move was in response to Russia’s aggression towards Ukraine.

As of writing, Bitcoin is at a 10.88% upward trend in the last 24 hours. Turning positive as well in the last 24 hours is Ethereum, which is valued at $2,624.82, climbing higher by 12.35%.

Popular meme coins such as DogeCoin and Shiba Inu are also on the green side, with a positive trend of 10.19% and 9.96% in the last 24 hours, respectively.

Early this week, Bitcoin took a nosedive, dropping to more than 8% to touch $34, 702.18. This recorded the lowest mark in a month for the crypto.

While more traders and short-term investors that use crypto enter the market, price moves of Bitcoin, Ethereum, and other cryptocurrencies have increasingly become more correlated with movements in other risk assets such as stocks.

Cryptos have been under pressure since Bitcoin reached close to $69,000 last year. Bitcoin has since dropped to nearly 50%.

In other news, the Bitcoin price plunge can also be attributed to crypto miners in Kazakhstan deciding to relocate following power shortages and price hikes. The miners have successfully moved out 30% of their equipment and are speculated to set camp at El Salvador, Dubai, Iceland, and other regions with cold climates.