Bitcoin and others Get Excited Again, Terra-Avalanche Flying

Bitcoin and others Get Excited Again, Terra-Avalanche Flying

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Digital currencies or cryptocurrencies began to recover in trading Wednesday (23/2/2022), although investors are still monitoring developments from the conflict between Russia and Ukraine. According to data from CoinMarketCap at 09:30 WIB, Bitcoin rose 2.41% to the level the price is US$ 37,898.38/coin or equivalent to Rp. 544,220,737/coin (assuming the exchange rate is Rp. 14,360/US$). In fact, Bitcoin had touched the range of US $ 38,000 this morning.

While Ethereum rose 1.8% to a level of US$ 2,623.98/coin or Rp 37,680,353/coin, BNB jumped 5.12% to US$ 374.81/coin (Rp 5,382,272/coin), Terra flew 9 ,96% to US$ 55.53/coin (Rp 797,411/koin), and Avalanche jumped 8.53% to US$ 75.58/coin (Rp 1,085,329/coin).

Here’s the movement of the top 10 cryptocurrencies by market capitalization today.

Bitcoin and others Get Excited Again, Terra-Avalanche Flying

The rise of Bitcoin and other major cryptocurrencies occurred in the midst of the ongoing conflict between Russia and Ukraine to this day.

The latest news comes from the United States (US), where US President Joe Biden has imposed sanctions on two Russian banks, namely the VEB bank and the Russian military bank (PSB). Financial institutions in the US are not allowed to process transactions between the two banks.

Sanctions were also imposed on bonds that made Russia no longer able to sell them to the West. Several Russian individuals were also sanctioned by Biden.

This was done after Russia sent troops to the Donetsk and Luhansk regions which were previously recognized as independent from Ukraine by President Vladimir Putin.

“This is the beginning of Russia’s invasion of Ukraine, Putin indicated that and asked the Duma (parliament) for permission to do it. So I started to impose sanctions,” Biden said as reported by CNBC International.

Not only in the US, Britain has also imposed economic sanctions on five Russian banks. British Prime Minister (PM), Boris Johnson will impose sanctions on Rossiya Bank, IS Bank, General Bank, Promsvyazbank and Black Sea Bank.

In addition to the five Russian banks, Johnson will also sanction three Russian individuals with very high net worth, such as Gennady Timchenko, Boris Rotenberg and Igor Rotenberg.

“We will freeze their assets in the UK and they will also be banned from traveling to that country,” Johnson said.

“All UK individuals and entities will also be barred from contact with them,” Johnson added.

The Russia-Ukraine conflict that has not subsided had made global stock markets sink in trading last Tuesday. Not only in the stock market, the crypto market was also affected by the conflict in the two countries that were broken by the Soviet Union.

Crypto is starting to recover and Bitcoin is starting to creep up

But today, crypto is starting to recover and Bitcoin is starting to creep up. Investors take advantage of corrections and lows to buy back, aka buy on dip, even though they tend to buy in small quantities.

Apart from that, observers on Bitcoin seem to be divided into two, where there are those who still think that Bitcoin can be used as a hedging asset, others who consider it a risky asset and a speculative asset.

“For people like me who are very long-term focused, Bitcoin is the asset that will provide the most security and value overall,” said Jason Deane, analyst at Quantum Economics.

“But for traders and speculators, they see Bitcoin as just another risky asset,” added Deane.

But so far, Bitcoin has not been able to serve as the inflation hedge that many had hoped for.

Investors are also closely monitoring developments regarding the monetary policy of the US central bank (The Federal Reserve/The Fed), with the Fed expected to raise interest rates several times starting next month.

Trader pun bertaruh bahwa ada peluang 100% kenaikan suku bunga The Fed setelah pertemuan 15-16 Maret, dengan ekspektasi miring ke arah pergerakan 0,25 poin persentase, menurut alat FedWatch CME Group.

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