Bitcoin (BTC) has crossed the mark of USD again today after being rejected at the same level over the weekend. The big breakthrough comes on a strong day for both BTC and the broader crypto market, with most coins in the green over the past 24 hours.
At 16:43 UTC, BTC stood at USD 41,133, an increase of 5% in the last 24 hours and an increase of almost 7% in the last 7 days. Ethereum (ETH) was trading at USD 2,825, rising 2% in one day and 7% in one week.
The strong move for BTC comes as US stock markets opened on Wall Street after the weekend, with the S&P 500 index falling only slightly compared to its closing price on Friday. At press time, the important index was trading at USD 4,378, down just 0.1% For the day.
The rise higher for Bitcoin happened despite significant geopolitical tensions between the West and Russia over the war in Ukraine. Sanctions related to the war have already put the Russian ruble-fiat currency into a free fall against the US dollar, with some Russians now showing interest in Bitcoin and USD-pegged stablecoins to protect their savings. "If Russian citizens have largely understood that sanctions can be avoided by using Bitcoin, we may have seen a price increase by now," Mati Greenspan, founder and CEO of Quantum Economics, said today before the recent price gains.
"Maybe it’s a sign that we are still early," he added.
Meanwhile, reports also surfaced in Europe on Monday afternoon that the talks between Russian and Ukrainian officials have ended and the delegates will now return to their respective capitals for further consultations before the second round of talks.
Commenting on the current state of the Bitcoin market on Twitter, popular crypto trader Crypto Ed said he is "confident" that BTC will move to USD 42,000, which he sees as the next natural resistance area.
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