Cryptocurrencies supported by collapsing Ruble

Cryptos have been under pressure since the beginning of the year, hit by a bout of risk-aversion. Mounting geopolitical tensions have been driving the price of cryptos down, as investors shy away from risk assets. 

Stock markets dipped on Monday and Tuesday, but crypto markets did not follow suit and regained some of their lost ground. Most major cryptocurrencies received a sizeable boost on Monday, as demand from Russian and Ukrainian markets increased. The Rouble went into free fall on Monday, in the wake of western sanctions against Russia, plummeting by almost 30% and fell even further on Tuesday. The Russian Central Bank announced that the Moscow stock exchange would remain closed on Monday, following the currency’s collapse.

Bitcoin was up by more than 15% on Monday, going through the $40,000 level resistance and surpassing $43,000. BTC continued trading higher on Tuesday, testing the $44,300 resistance. Volume from Russian markets reached a yearly high, as Russian investors rushed to escape the plummeting Rouble. If Bitcoin price declines, it may find support at $36,000 and $33,000.  

Ethereum price shot up above the $2,600 level resistance on Monday, going as high as $2,900 in the wake of Russian sanctions. Ethereum edged higher on Tuesday, testing the $3,000 level resistance. In case of ETH price decreases, support may be found around $2,300. In case its price goes up, it may find resistance at $3,000 and further up at $3,400.

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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