WebsCryptoWebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Guides
  • PR
  • Sponsored
WebsCryptoWebsCrypto
Advertise
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Guides
  • PR
  • Sponsored
WebsCryptoWebsCrypto
WebsCrypto—News—Bitcoin News—Several Factors Contributed to Bitcoin’s Breakthrough of $44,000
Bitcoin News

Several Factors Contributed to Bitcoin’s Breakthrough of $44,000

By WebsCryptoMarch 1, 2022
Several Factors Contributed to Bitcoin’s Breakthrough of $44,000
Facebook Twitter Telegram LinkedIn Reddit WhatsApp Email

Bitcoin has continued to rise since Monday night. In the early morning of Tuesday, Bitcoin rose by $2,000 in a short-term, breaking through the $44,000 mark at the highest level, rising by more than 17% at one point.

Data source: CoinGecko

From 6:30 a.m. today, bitcoin prices jumped over $2,000 in 10 minutes and hit a session high of $44,198, the data showed, taking the past 24 hours to a 15.6% gain. In addition, other cryptocurrencies including Terra, Cardano and Solana have also risen in tandem, pushing the entire cryptocurrency market cap by $200 billion in the past 24 hours. At the time of writing, the global cryptocurrency market capitalization has reached $1.99 trillion, a 24-hour increase of 10.1%.

Previously, due to the escalating conflict between Russia and Ukraine, Western countries imposed severe financial sanctions on Russia, and the Russian legal currency ruble plummeted to a record low. Based on this, the trading volume of the Russian ruble against Bitcoin continued to rise. Ruble-denominated bitcoin trading volumes surged to nearly 1.5 billion rubles on Thursday, the highest level since last May, according to data tracked by cryptocurrency research provider Kaiko. In addition, on Thursday, the USDT/RUB trading volume also rose to 1.3 billion rubles, an 8-month high.

The rise in trading volumes was largely driven by a flock to safe-haven assets as investors panicked over sanctions and the potential impact on the rouble.

Another potential factor affecting the cryptocurrency market is the attitude of Switzerland.

At the beginning of Russia’s fire on Ukraine, the Swiss government condemned the aggression in the harshest terms, but because of its neutral status, Switzerland said it would not fully adopt the EU’s sanctions plan against Russia and would not freeze the assets of Russian individuals and companies. However, on February 28, the Swiss government announced that it had withdrawn its previous position and decided to adopt all the sanctions imposed by the EU on Russia. Switzerland will freeze the assets of 363 individuals and four companies in Russia. The Swiss sanctions list also includes Russian Prime Minister Mishustin and Foreign Minister Sergey Lavrov. The aforementioned sanctions are effective immediately. This move has been analyzed and recognized that more people have realized the charm of encrypted assets, and more people have poured into the cryptocurrency market.

It is worth noting, however, that the U.S. Department of the Treasury issued a new rule that prohibits Americans from providing any support to Russian oligarchs and entities, including through the use of digital currencies or cryptoassets. The rule went into effect on March 1. Additionally, the U.S. Treasury Department has asked Binance, FTX, and Coinbase to block sanctioned people and addresses.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Related News
The Fair Market Value of Bitcoin Held by Tesla in 2022 Is $191 Million, and the Impairment Loss Is $204 Million
Bitcoin News February 1, 2023

The Fair Market Value of Bitcoin Held by Tesla in 2022 Is $191 Million, and the Impairment Loss Is $204 Million

Bitcoin Surges to New Highs, Best January in a Decade
Bitcoin News February 1, 2023

Bitcoin Surges to New Highs, Best January in a Decade

Former SEC Internet Enforcement Official Alleges Bitcoin's Recent Rise Is Due to Market Manipulation
Bitcoin News January 16, 2023

Former SEC Internet Enforcement Official Alleges Bitcoin’s Recent Rise Is Due to Market Manipulation

El Salvador Approves Law to Issue Bitcoin-Denominated Bonds
Bitcoin News January 13, 2023

El Salvador Approves Law to Issue Bitcoin-Denominated Bonds

Mexican Central Bank Digital Currency Unlikely to Launch by 2024
Market News January 9, 2023

Mexican Central Bank Digital Currency Unlikely to Launch by 2024

Bankman-Fried Fights for Control of $460 Million Robinhood Shares, Claiming They're Necessary for Criminal Defense
Business News January 9, 2023

Bankman-Fried Fights for Control of $460 Million Robinhood Shares, Claiming They’re Necessary for Criminal Defense

The Latest
Supreme Court To Decide on Panamanian Crypto Bill After Congressional Rejection
Market News February 1, 2023
Supreme Court To Decide on Panamanian Crypto Bill After Congressional Rejection
The Fair Market Value of Bitcoin Held by Tesla in 2022 Is $191 Million, and the Impairment Loss Is $204 Million
Bitcoin News February 1, 2023
The Fair Market Value of Bitcoin Held by Tesla in 2022 Is $191 Million, and the Impairment Loss Is $204 Million
Bitcoin Surges to New Highs, Best January in a Decade
Bitcoin News February 1, 2023
Bitcoin Surges to New Highs, Best January in a Decade
Hermes vs MetaBirkin: Trademark Dispute Over NFT Art Headed to Court in NYC
NFT News January 31, 2023
Hermes vs MetaBirkin: Trademark Dispute Over NFT Art Headed to Court in NYC
Australian Regulator Warns Against FTX Exchange Eight Months Before Its Collapse
Business News January 31, 2023
Australian Regulator Warns Against FTX Exchange Eight Months Before Its Collapse

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter Instagram LinkedIn Telegram RSS
News
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Market News
  • Business News
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Services
  • About Us
  • Contact Us
  • Advertise
© 2023 WebsCrypto.
  • Privacy Policy
  • Terms of Service

Type above and press Enter to search. Press Esc to cancel.