Cryptocurrency prices surged on Tuesday, amidst reports of Russia – Ukraine tensions easing. On Wednesday, though, the US and NATO cast doubts on Russia’s claims of withdrawing troops and tensions rose again, putting pressure on cryptocurrencies. On the contrary, there are reports that another 7,000 troops have been added to the already sizeable forces of Russian forces near the Ukrainian borders, with the latest tally exceeding 150,000 troops. In addition, the largest cyberattack in the history of Ukraine was launched against two of its banks and its defense ministry, with the Ukrainian side accusing Russia of launching a cyberwar against its institutions. As the crisis in Ukraine might escalate at any time, risk appetite decreases, and investors turn towards safe-haven assets, putting pressure on crypto markets.
The global crackdown on cryptocurrencies was also renewed this week, as the Financial Stability Board, which makes recommendations to the G20 nations on financial rules, advised policymakers on Wednesday to take swift action in drafting legislation covering the digital asset market as there is increasing affinity of crypto markets with traditional markets.
Bitcoin plummeted on Thursday, going almost as low as the key $40,000 level. If its price declines, it may find support at $36,000 and $33,000. Ethereum crashed below the $2,800 level. If its price goes down, it may find support at $2,640 and further support around $2,150. In case its price goes up, it may find resistance at $3,400.
BTC/USD 1h Chart
ETH/USD 1h Chart
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
The website you are now viewing is operated by TopFX, a trade name of Fondex Limited, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.
If you wish to proceed, please confirm that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX or any other entity within the Group.
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.