Bitcoin is posting a 14% price increase over the past seven days and is currently trading at $44,130.
Bitcoin is posting a 14% price increase over the past seven days and is currently trading at $44,130.To the vast majority of people, cryptocurrencies either sniff of criminality or are too confusing to spend time understanding. After the outbreak of armed conflict in Ukraine, Reuters carried the story that over $20 million in crypto donations have entered government coffers just five days after an appeal from the Ukranian Twitter account.
https://twitter.com/ukraine/status/1497594592438497282
Data is showing intense activity through Russian and Ukrainian crypto exchanges, in part behind Bitcoin’s jump from $38,000 to $43,000 in a 24-hour period on Monday (Feb 28). Glassnode revealed that the most significant buying increases were in wallets of less than 1,000 Bitcoins. In particular, wallets with under 1 Bitcoin were the most aggressive of all.
Stories of Bitcoin’s utility during the crisis have already hit the media. Just three days into Russia’s invasion, for example, two Danish reporters bought a Mazda3 with 0.059 Bitcoins after ATMs failed in Dnipro. They used the car to flee the country. Other media report Ukrainians resorting to cryptocurrencies after their credit or debits cards failed in other countries after feeling home.
Crypto-derivatives exchange FTX head Jonathan Cheeseman called the geopolitical situation a ‘tailwind for crypto’. “The situation highlights the use case for a decentralized, neutral, algorithmic safe haven,” he said.
Traditional investment advice says to put money in gold during times of crisis or high inflation, but according to the chief executive of FRNT Financial Inc, Stephane Oullette, Bitcoin is the asset now showing ‘gold-like properties’. He said that investors directly control their Bitcoin, as they do with gold assets, making it an attractive investment without ‘governments and banks being in between’. He said flows into BTC ‘make sense’ in a period where banking is destabilized in a region. If speculators also get in front of such trends, the prices can rise even higher.
Bitcoin is posting a 14% price increase over the past seven days and is currently trading at $44,130. This is the highest BTC price for two weeks after Bitcoin fell to lows of $34,000. The price rally has pushed the overall cryptocurrency market cap the closest it’s been to $2 trillion since mid-February. It comes after $200 billion was wiped from the market (hitting a low of $1.5 trillion) following Russia’s invasion of Ukraine and subsequent economic sanctions.
While Bitcoin has grabbed headlines during the current green market, it’s not the fastest-growing of the major cryptos. On Tuesday Terra’s LUNA token was showing a 90% price increase over the previous 7 days. Terra is also behind the TerraUSD (UST) stablecoin which they regulate by incentivizing coin holders to burn or mint LUNA depending on UST’s price fluctuations. Terra’s Anchor Protocol provides one of the most secure and attractive investments in crypto offering up to 20% APY.
Another cryptocurrency to jump higher than even major cryptocurrencies is EverGrow Coin, with 30% growth in the last seven days. EverGrow Coin is a deflationary token with rewards paid to coin holders in BUSD, a stable coin. The project aims to become the number one crypto for passive income and has paid out $35 million in rewards to coin holders since launching in September 2021. The uses of BUSD rewards paid out every six hours are endless and have seen EverGrow Coin fast become the top rewards token on the Binance Smart Chain blockchain network (BSC).
The ATOM token from Cosmos is the next top crypto, posting gains of 17% over the last week. ATOM is currently trading at $30.65 and is linked to Cosmos’ wider goal of connecting up blockchains within the industry. Cosmos’ recent Inter-Blockchain Communications (IBC) protocol is used by 38 projects, including the current standout cryptocurrency Terra.
Share This Article
Do the sharing thingy
About Author
More info about author
