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NewsBTC 2022-02-22 18:00:56

Why Bitcoin Won’t Crack Over Fresh Bear Assault, Next Potential Target For BTC

Bitcoin continues to trade to the downside after it was rejected at around $45,000 last week. The crypto market, in general, has been following a downtrend with Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), and others recoding over 10% losses in the past 7-days. Related Reading | Bitcoin Prices Bear The Brunt Of Long Liquidations And Geopolitical Tensions At the time of writing, Bitcoin trades at $37,638 with a 12% loss over that period. The benchmark crypto seems to be negatively reacting to the latest developments between Russia and Ukraine. Yesterday, the president of the Russian Federation Vladimir Putin acknowledged the independence of two Ukrainian regions ruled by leaders with separatist tendencies. This has heated up the situation with Russian sending in troops to “guarantee the security” of those territories. According to Yuya Hasegawa from crypto exchange BitBank, BTC’s price trends lower alongside the wider financial market. Investors seem to be entering a period of risk-aversion which directly affects cryptocurrencies, considering some of the riskier assets. The situation might see some relief during the week as representatives from Russia and the U.S. could reach a diplomatic agreement, but that possibility seems to be fading. Hasegawa said: (…) with the gas pipeline explosion in eastern Ukraine last Friday, increased Russian military presence at the border, heavier financial sanction on Russi...

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