30 Days of War: What was the impact on the price of bitcoin and cryptocurrencies

Charlie Taylor

It’s been 30 days of war, since the official Russian invasion of Ukraine. See what are some numbers caused by the war and its impact on the price of Bitcoin

Some numbers in 30 days of war

On February 24, the invasion of Ukraine by the Russian army was confirmed and declared official, starting a war between the two countries that had global consequences.

30 Days of War, which began on February 24, 2022

The losses for both sides are already absolutely sad and significant. As in any war, everyone loses one way or another. Some relevant numbers according to Reuters:

deaths: 21,000 people lost their lives;Non-fatal injuries: 1.9 thousand;People displaced in Ukraine: 10 million;Destroyed buildings in Ukraine: 1.7 thousand;Property damage: US$ 119 billion.

Data on the 30 days of war, as explained above in the article.Numbers from the 30 days of war, according to Reuters

Rumors of wars and the crypto market

Although we are not psychics, here at Cointimes we published an article on February 23, on the eve of the military invasion that, despite rumors, no one knew for sure when it would happen.

Know more: Expert shows that military invasion FUD can be a background indicator The publication featured the analysis by Eugene Ng (@Eug_Ng on twitter), from February 19, tracing patterns of financial market performance in other wars and invasions of the past. For more details, read the matter original, but in summary form, Eugene demonstrated that the eve (with the rumors); the day; and a few days after an invasion was confirmed, they were – five out of five times – great moments to buy financial assets. In the article we also brought the performance of the bitcoin in the last 3 major crisis news in human history that had a strong impact on the market and, in all of them, Eugene’s pattern was repeated: With Bitcoin showing a strong fall the day before and a few days after the news, but recovering quickly with positive results from the thirtieth day (one month). The pattern appears to have repeated itself once again, with pretty impressive numbers on the price performance of Bitcoin and the cryptocurrency market as a whole. Since the closing of the daily candle on February 24th (the day of the invasion), BTC has already accumulated appreciation of +18.63% price against the dollar. In relation to the low of the day, the high was more than 29%. As represented in the graphic below.

chart showing bitcoin price performance in 30 days of war

THE total cryptocurrency market capitalization had a similar and slightly superior performance to bitcoin, with an appreciation of +19.78% since the closing of 02/24, until the moment.

Chart with the total market capitalization of cryptocurrencies, higher than bitcoin in these 30 days after the Russian invasion.

This demonstrates a greater willingness to risk exposure on the part of investors who are not bothering to build long positions in altcoins, which normally have greater volatility as they are assets with a lower marketcap and more speculative. Both Bitcoin and other cryptocurrencies have been strengthening their fundamentals during this time of crisis so sad and serious for human history. The quotation BTC/USD at the moment is from US$ 44,928.93; according to Coingolive. This asset class has proven itself to be true stores of value, in addition to having real utility as tools for the transfer of irreproachable and global values, not limited by borders or political will.

Know more: Argentinians receive salary in cryptocurrencies to escape exchange control According to the analysis of February 23 and with a history of BTC price performance in times of crisis, we could see even more upward growth in the next 30 and 150 days. We’ll see what happens.

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