According to Coindesk data, some traders expect the price jump to be short-lived amid geopolitical uncertainty. This Saturday, Bitcoin (BTC) and other cryptocurrencies jumped after Russia agreed to trade with Ukrainian officials.
“The path to success is the continual pursuit of knowledge” – Napoleon Hill.#Bitcoin: BRL 201,740 (+1.99%)
BTC net dominance: 59.82%
Crypto market capitalization: BRL 9.57 T pic.twitter.com/ggGO5pRfaO— Cointimes (@CointimesNews) February 26, 2022
“Vladimir Putin is ready to send a Russian delegation to Minsk,” Kremlin spokesman Dmitry Peskov told reporters on Friday. Still, the situation was unstable, especially after Russian forces intensified attacks on Ukraine’s capital in recent days. The Russian president later made comments suggesting he was not serious about participating in the talks.Kremlin Spokesperson Dmitry Peskov – Source: Mikhail Metzel. Meanwhile, global markets were in a whirlwind of volatility as investors tried to understand geopolitical movements. The S&P 500 stock index rose more than 2%, while the Russian ruble rose, albeit near the weakest level on record. In cryptocurrency markets, bitcoin underperformed most altcos yesterday, suggesting a greater appetite for risk. among investors. BTC has been virtually flat over the past 24 hours, compared to a gain of 11% on XRP and an increase of 17% on LUNA token of Earth over the same period. Some investors expect the recovery in cryptocurrency prices to continue because of increased volatility. Bitcoin’s one-week implied volatility jumped to 75% annualized on Thursday, beating one-, three-, and six-month indicators, similar to what occurred after the May 2021 crash. investors as to price turmoil during a specific period. Additionally, bitcoin’s inverted volatility structure typically precedes lower prices, according to CoinDesk’s Omkar Godbole. “These spikes in spot price would likely be met with aggressive spot selling, capping the top,” wrote QCP Capital, a Singapore-based cryptocurrency trading company, in a Telegram announcement this week.
Highest volume since December 5
Like volatility, bitcoin trading volume on major exchanges has reached the highest level since the Dec. 5 price crash, according to data from CoinDesk. Generally, high volume sales indicate the capitulation phenomenon, which can lead to short-term price jumps. In one day, the ratio of purchase volume to sale volume was slightly higher, indicating a feeling of high among traders, according to data compiled by CryptoQuant.Still, trading volume has been in a downtrend for the past few months. “Consumer volumes on the exchange remain tepid despite major moves in the cryptocurrency space, suggesting reduced risk appetite and overall light positioning in the markets,” he wrote. David Duong, head of institutional research at Coinbase, in a Friday email to clients.Read more: Buy Bitcoin on Coinext
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