This Tuesday (01) the price of bitcoin (BTC) suddenly jumped, revealing a convincing short-term decoupling of Wall Street and the other traditional stock markets. time since the beginning of the war between Russia and Ukraine. Furthermore, most altcoins have also recorded substantial gains, with ether (ETH) topping $3,000 and earth (LUNA) bouncing over 20% in one day.Cryptocurrency Ranking – Source: Coingolive.com
Bitcoin against the stock market
Amid geopolitical tensions, Bitcoin-Ruble trading volume surged to levels last seen in May 2021. The last 24 hours have been particularly turbulent in the cryptocurrency market, and luckily, this time, it was for the better. BTC price rose 14.26% last night, while Wall Street indices are a little hesitant, revealing an interesting short-term decoupling from the mainstream market.S&P 500 futures are down 0.24%, O Dow Jones Industrial Average it is down 0.49% it’s the Nasdaq (IDX) is being negotiated stable.This decoupling comes at a time when Bitcoin-Ruble trading volume has surged to a level not seen since May of last year. It seems that fears of the growing number of economic sanctions on Russia are mounting, and people are turning to cryptocurrencies as something of an alternative. with the economic scenario.
Russia, Ukraine and global stocks
Global stock markets have fallen in recent days after Russia’s invasion of Ukraine and Western sanctions, which include cutting some of Russia’s banks from the SWIFT financial network and limiting Moscow’s ability to deploy its $630 billion foreign reserves. Monday ended with no deal except to continue talking, but Asian markets have stabilized with no sign of any immediate escalation of sanctions. MSCI Asia Pacific Equities outside Japan won 0.42% it’s the Japan’s Nikkei jumped 1.47%.
“Markets are going to focus on the broader implications of what’s going to happen around energy prices, which means inflation in parts of the world,” said Kerry Craig, global market strategist at JP Morgan Asset Management.
Ethereum and LUNA
Similar to bitcoin, altcoins have also been offensive. Ethereum, for example, is up 11% and is now above $2,900. It is worth noting that the second-largest cryptocurrency dropped to $2,200 during the start of the war. Terra is the highest-cap altcoin that has jumped the most in the last 24 hours, with an increase of more than 20%. Consequently, LUNA is close to $90. The result of major altcoins in the last 24 hours is as follows: Ethereum (+10.42%)Binance Coin (+10.41%), Ripple (+6.36%), Land (+24.67%)Solana (+8.80%), Cardano (+8.91%), Avalanche (+17.25%)Polkadot (+11.62%), Dogecoin (+7.20%) and Shiba Inu (+10.04%).According to CoinGoLive, the market capitalization of all crypto assets reached around US$ 2.03 trillion this Tuesday.
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