Bitcoin price has dropped back below $40,000 after briefly rebounding toward $45,000. Crypto trading volumes have been soaring in Russia and Ukraine, and Tether has even reached a new all-time high against the ruble.
Here’s a snapshot of the recent events that happened this week:
- The minister of digital transformation of Ukraine requested major cryptocurrency exchanges to block addresses of Russian users. However, most exchanges responded that they will not freeze accounts of innocent Russians’ crypto assets, but will comply if sanctions are imposed upon them.
- Stablecoin Tether (USDT) has recorded a new all-time high against the Russian ruble amid the rising inflation of the latter currency.
- Institutional investors are starting to accumulate Grayscale Bitcoin Trust (GBTC) shares as the crypto product’s discount has risen to almost 30%.
- The city of Lugano in Switzerland will start allowing its residents to pay taxes, and other goods and services in cryptocurrencies including Bitcoin, Tether and its LVGA token. However, unlike El Salvador, the city will declare certain cryptocurrencies only as “de facto” legal tender.
Top 8 cryptos by market cap
Did the Russian invasion of Ukraine affect the crypto market?
Data from Glassnode suggest that investors who purchased Bitcoin at nearly all-time highs have almost completely capitulated. Nearly 219,000 BTC wallets have been emptied over the past month while interest and demand have decreased for the leading cryptocurrency.
The spending behavior could be due to the financial cost and psychological pain of holding an asset that is in the red. In addition, the recent drop in Bitcoin price could also be due to the wider market uncertainty surrounding looming interest rate hikes by the Federal Reserve and the war in Ukraine.
While the Ukraine-Russia conflict continues to escalate, Bitcoin price and other large-cap cryptocurrencies witnessed a sharp recovery last week. However, the rebound in price was short-lived, and Bitcoin has dropped back to the $38,000 level.
The crypto market may continue to experience turbulence amid the ongoing conflict in Ukraine. Therefore, CoinPanel users have the unique opportunity to set stop-limit or stop-market orders to purchase assets at a lower price, without having their balance blocked.
In addition, CoinPanel traders can also set stop-losses and take-profit orders simultaneously without having to choose between either one. This will allow users to ensure that they can manage their risks while at the same time, having the possibility to profit.
CoinPanel is also introducing a new feature that will allow spot traders to profit by shorting-selling high, then buying back low, in addition to buying low and selling high. Stay tuned!