Despite the Ukraine crisis showing no signs of easing bitcoin and cryptocurrency prices remain stable.
However, Western countries began to impose new sanctions after Russian President Vladimir Putin did not stop his attacks.
The calm in the cryptocurrency market came after the global stock market rallied on Friday, with the S&P 500 rising 2.2%.
Bitcoin price’s correlation to stocks has reached a record high and remains stable before Asian markets open.
However, at the time of this writing, the Bitcoin price is trading at $39,300, well above the $32,970 observed on January 24. Grayscale Investments, in its statement, said that crypto money prices rally in the “bad news period” will mean that “sellers are tired in the current crisis situation”.
“If Bitcoin Starts Rally, It Could Climb To The $50,000 To $55,000 Level”
Rick Bensignor, a former Morgan Stanley strategist and head of Bensignor Investment Strategies, claimed that technical indicators for BTC price look positive.
The analyst believes that if there is a “constructive rally”, the Bitcoin price could climb to the $50,000 to $55,000 levels.
Hash Rate Continues to Decline
The mining hash rate of BTC also seems to have been affected by the conflicts between Russia and Ukraine.
The hash rate of the world’s largest crypto currency fell from the record level of 248.1 million TH / s on February 12 to 173.8 million TH / s.
Hayden Hughes, CEO of trading social media platform Alpha Impact, said in a statement on the subject:
“BTC’s hash rate has dropped as both Ukrainian and Russian cryptocurrency miners are affected by the war in Ukraine. Some mining facilities in conflict zones have been closed, and some miners have started to move equipment from potential conflict zones.”
*Not investment advice.