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Bitcoin Trends Upward as Markets Calm Despite Ukraine Tensions
Traders showed some optimism even as President Joe Biden announced more sanctions.
By Brian Evans
Updated May 11, 2023, 3:52 p.m. Published Feb 23, 2022, 7:55 p.m.
Bitcoin (BTC) was trading at $37,952 at press time. The largest cryptocurrency by market capitalization has tracked traditional markets so far this week as the U.S. announced a new round of sanctions against Russia.
- “Bitcoin has been trying to correct from levels close to the lows of February, but this is probably not the bottom yet,” said Alex Kuptsikevich, senior financial analyst at FxPro. “The rebound of bitcoin began along with the growth of European stock indices at the beginning of the day.”
- Kuptsikevich noted that Alternative.Me’s Cryptocurrency Fear Index lost ground, remaining in a state of “extreme fear.”
- Other popular cryptocurrencies also gained. Ether (ETH) was up 5$ as of midday Wednesday, while solana ticked up 7%.
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Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
What to know:
- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
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