Following Russian indications that it was open to a diplomatic solution to tensions along the Ukraine border, the value of cryptocurrencies such as bitcoin (BTC) and other major cryptocurrencies surged in value. Currently, the price of a bitcoin is $44,148 per coin at the time of publishing this article.
Ukraine Tensions Ease, BTC Price Rises
Following Russian President Vladimir Putin’s announcement of withdrawing Russian troops from Ukrainian’s border, cryptocurrency prices have risen as a result. This is the most encouraging piece of news to come out of the ongoing standoff.
The announcement assisted in reversing a sell-off. It is because of the news yesterday by US Secretary of State Antony Blinken. It states that the United States would relocate its Ukrainian embassy from Kyiv due to Russia’s fast deployment of military forces.
During an interview with German Chancellor Olaf Scholz, Vladimir Putin said that NATO’s expansion was a problem. But he also said that there could be a way to calm things down.
They are also willing to keep talking. But as we said before, all of these issues need to be looked at together. Their goal is to work together with us in order to come to an agreement on the issues we have talked about with our partners. And they will do this through diplomatic means.
When Russia announced that it withdraws some troops from the Ukrainian border and opens to a diplomatic solution to the crisis that it had provoked, the anxiety of soaring oil prices was temporarily soothed. The price of crude oil plunged by more than 50% on Tuesday. By the time the stock markets in the United States closed, Bitcoin had gained almost 3.5 percent and Ether had gained 5.77 percent.
Crypto Prices Continue to Thrive
Whale Ethereum addresses held on to their bags during the market downturn in December and January. Their patience paid off when the price rose to $3,120. In fact, since October 1, more than 100,000 ETH addresses have given 1.54 million ETH, which is worth 4.8 billion. As much as 4% added to the value of Bitcoin in the last 24 hours. Thanks to buyers who have kept the price at $40,000.
It is nonetheless crucial to note that the development activity of top cryptocurrencies contributes significantly to their growth and ability to thrive. SOL, ADA, and DOT have some of the highest rates of Github submissions. Now, the overall market capitalization of cryptocurrencies is $1.990 trillion, with Bitcoin accounting for 42 percent of this total.
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