Bitcoin gained 2.67%, changing hands at US$44,155, the highest value since 3 March Bitcoin and Ethereum both continued to rally in what has been a st
Bitcoin gained 2.67%, changing hands at US$44,155, the highest value since 3 March
Bitcoin and Ethereum both continued to rally in what has been a strong week for crypto as the largest digital token climbs towards the key resistance level of US$45,000.
Bitcoin gained 2.67%, changing hands at US$44,155, the highest value since 3 March.
Ethereum on the other hand climbed 3.40% to US$3,143, its highest price since 15 February.
The overnight movements seemed to have been sparked, at least according to some analysts, by news that Russia is considering selling its oil and gas in Bitcoin to “friendly” countries, such as China and Turkey.
New sanctions were enforced on Russia yesterday, most notably a ban on Russian gold, as well as sanctions on its businesses and a slew of wealthy individuals.
According to Ipek Ozkardeskaya, senior analyst at Swissquote, “the news sent Bitcoin’s price above the 100-DMA resistance”.
A DMA is a displaced moving average that attempts to better analyse an asset.
She added, however, that “there are a couple of questions that hang in the air”.
Firstly, “China hates Bitcoin,” and there remains uncertainty as to whether President Xi Jinping will change his stance in favour of cheap oil and gas.
“If China buys the Russian oil in exchange of Bitcoin, will the Chinese be able to trade Bitcoin as well?” said Ozkardeskaya.
More trading and adoption of crypto could lead to a long-awaited bull rally.
However, if the West catches wind that Bitcoin is being used to bypass restrictions of some sort, how long until it imposes a ban? And is a ban even possible?
In some of the altcoins, Solana was up 5.58% to US$102.97, Cardano was down 0.52% to US$1.14 and Terra was down 2.74% to US$92.47.
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