The price of Bitcoin has recovered strongly after the loss in connection with Russia starting its offensive war against Ukraine.
The Bitcoin price initially reacted very negatively to Russia’s invasion of Ukraine, but now it seems to have turned to the cryptocurrency.
Late Monday night, the price of the cryptocurrency soared to $ 44,256. Compared to last week’s bottom level – $ 34,324 on Thursday morning, just after the invasion began – this means an increase of about 29 percent.
Since Monday’s peak, the price has corrected slightly. At the time of writing, a Bitcoin is trading for $ 43,427, according to figures from Bitsamp.
Does not follow the stock market
Notable with Bitcoin’s latest increase is that it does not follow the market for stocks and other securities, writes CNBC.
According to Leah Wald, who is CEO of the crypto investment company Valkyrie Funds, this fact marks a trend break.
“In the past, there has been a strong correlation between the liquidation of traditional assets and the price drop for digital assets,” she tells CNBC and continues:
- But we do not see that right now, and the crucial test is to see if this pattern holds. If it does, we could potentially be at the breakthrough that many have been waiting for, where Bitcoin and other coins have become mainstream.