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Two Ongoing Wars And Bitcoin Price Refuse To Drop

Updated: Feb 29


Photo by Kanchanara on Unsplash

The Ukraine / Russia War

When the Ukraine-Russia conflict initially erupted, Bitcoin continued its momentum from the cryptocurrency surge that commenced in 2020, peaking at nearly $70,000. Although it experienced a drop to around $40,000, it remained notably higher than pre-2021 levels.

In April 2022, shortly after the conflict's onset, Bitcoin's value underwent a significant decline over a two-month span, reaching $20,000. It maintained this level for several months, but as the conflict persisted, its price began to recover.

Since November of the preceding year, Bitcoin has displayed substantial growth, with a 50% increase in value over the course of six months.

November 11, 2022

While the war between Ukraine and Russia was getting more intense, Europe sanctions to Russia, and all the other economic difficulties like high inflaition rate didn't seem to affect the Bitcoin price.

What actually affected the Bitcoin price was back in Novemver 11, 2022 when the FTX and FTX.US experienced a crash resulting from inadequate liquidity and mishandling of funds, coupled with a surge in withdrawal requests from anxious investors.

This downturn in FTT's value had a cascading effect, causing a decline in the prices of other cryptocurrencies, including Ethereum and Bitcoin, the latter of which hit a two-year low by November 9th.

The Israel / Palestine War

A continuing armed conflict between Palestinian militant groups, led by Hamas, and the defense forces of Israel commenced on October 7, 2023. On this day Bitcoin was trading at around $28,073.

When things got more intense Bitcoin price went down to $26,842. However today (18/10/23) Bitcoin is back where it was before the start of the war, even slightly higher and is trading at $28,578.

BTC/USD Monthly chart. Source: Coinmarketcap

Bitcoin Now

The previous business week started on a shaky note for the primary cryptocurrency as it began to lose value, unable to sustain levels above $28,100. Subsequently, the following days proved challenging, with BTC dropping to a two-week low of $26,500 by Wednesday.

Fortunately, at this juncture, the bulls intervened, preventing further declines. Consequently, Bitcoin managed to hold its ground above $26,500, maintaining a trading range of up to $26,900.

As anticipated, the weekend unfolded with minimal price movements. However, Monday's Asian trading hours injected a surge of volatility. Within a few hours, the cryptocurrency made a significant leap, reaching a weekly high of just under $28,000.

With a 3.6% gain for the day, Bitcoin's market capitalization soared to over $545 billion, a notable increase from its recent struggle below $525 billion. Furthermore, its dominance over the altcoin market now stands well above 50%.


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