Bitcoin price is up around 13 per cent in the last seven days, trading at around $44,000 at the time of filing this report today (2nd March 2022). The most popular crypto asset has gained back around 23 per cent of its value after slumping to around $34,900 on 24th February 2022.
According to experts, Bitcoin has gained traction as a last resort of transaction amid the ongoing war between Russia and Ukraine (read details here).
The value of Bitcoin has even become bigger than the value of Ruble, the Russian fiat currency (check full report here).
Amid a positive price trend in the crypto market at a time when there is a general downfall in stock markets during the ongoing geopolitical crisis, Bitcoin enthusiasts are hoping that the popular crypto asset may soon rise to its all time high value (see bitcoin price prediction for 2022). By the end of this month, they are expecting Bitcoin to touch the $50,000 price barrier. Will it happen?
Experts say that Bitcoin price is set to increase to new highs due to several factors playing in its favour this month.
“Bitcoin has decoupled itself from equities markets. While Bitcoin prices rose, S&P index nosedived amidst concerns of rising oil prices and commodities. Bitcoin is likely to regain its safe haven status as the Ukraine-Russia crisis is expected to play out longer than expected. There has been a significant rise in the number of wallet addresses holding 1000BTC . Fed is on shaky ground. Given the recession fears, the number of Fed rate hikes is expected to be lower in 2022. All these factors will cumulatively propel Bitcoin prices to newer highs in March,” Sharat Chandra, VP- Research and Strategy , EarthID, a self-sovereign Identity Management Platform, told FE Online.
Turning point for crypto
Experts also say that the Russia-Ukraine war has proved to be one of the turning points for the crypto industry.
“The Russia-Ukraine War is one of the turning point event for Crypto Industry. From Accepting Crypto in the form of donations and for international trade medium besides SWIFT, we are seeing growth in DAO like UkraineDAO to handle War crisis support by Crypto. If national trade can be done via Crypto, it is definitely going to impact pricing,” Dileep Seinberg, Founder and CEO at Thinkchain, said.
He further said that Bitcoin is the only Decentralised Currency which can become legal tender for several nations unlike other altcoins, which mostly work under centralised agency owned by people or organisations.
However, Seinberg doesn’t think Bitcoin will hit $50,000 within a month.
“Although, hitting a $50,000 mark again within a month wont be happening. this might take another 21-25 days of consistent performance to reach $50,000,” he said.
Meanwhile, prices of other crypto assets like Ether, Solana, Binance Coin also seem to be recovering.
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