Bitcoin (BTC)rallied to a one-week low on March 8 as markets tumbled after no progress in Russia-Ukraine talks.
BTC/USD jumped at $37,170 on Bitstamp following Monday’s Wall Street opening, according to data from Cointelegraph Markets Pro and TradingView. Bitcoin is currently trading at $38,500.
Crypto and stocks have been hit hard by the failure to reach consensus in the third round of talks to end the conflict between Russia and Ukraine.
Negotiator Mykhailo Podolyak shared a feedback following the conclusion of the negotiations: “Small positive drops in improving the logistics of humanitarian corridors… Intensive consultations continued on the core political bloc of arrangements, as well as ceasefire and security guarantees”.
However, US stocks were bearish throughout the session as the news was not enough to provide any hope, while the S&P 500 closed down 2.95% on Monday.
Meanwhile, commodities generally posted unprecedented gains, with nickel topping $100,000 a ton on the London Metal Exchange.
At the same time, the bloodshed continued for Russia, and it was a kind of relief that investors who were only exposed to the ruble invested in BTC. On Monday evening, BTC/RUB hit new all-time highs of just over 5 million on Binance.
Amid all this turmoil, and despite Bitcoin’s lackluster price response as a safe-haven paradoxically correlated with equities, still votes of confidence from hardcore supporters continued.
Founder of Bitcoin media company TFTC Marty Bent“The world is watching the real-time repricing of confidence,” he said.
“When all this settles down, Bitcoin will be the biggest benefactor because the masses will be able to use a distributed system that cannot be controlled by a single person, government, company or community (coalition), it is the only thing they trust.”
Meanwhile, regulatory concerns from the US also contributed to the cooling of the market.
For low timeframe transactions, Bitcoin still doesn’t look quite attractive to many, and the upside potential seems to be strictly limited. For popular traders Anbessa and Crypto Ed, $40,000 remained a key target for bullish divergence.
Crypto Ed shared the comment, “The target can be better defined when this fix is over, but for now it continues with an average of 40k.”
According to the news reported by Cointelegraph, upcoming events in the USA, especially the consumer price index (CPI) data to be released on Thursday and a decision on interest rate hikes next week are quite suitable to spoil the sentiment in the short term.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.