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Bitcoin Breaks Above $40K
After a weekend of choppy trade, the popular crypto began a sizable move higher as the U.S. returned to work on Monday morning.
Updated May 11, 2023, 3:39 p.m. Published Feb 28, 2022, 3:17 p.m.
Bitcoin, the world’s largest cryptocurrency by market capitalization, regained the key psychological threshold of $40,000 even as the situation with respect to Ukraine continued to deteriorate.
"The move to isolate and cripple Russia's economy seems to be reacted positively by the market at the moment," said Lennard Neo, analyst at Stack Funds.
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Bitcoin fell to as low as $37,000 over the weekend as Russian President Putin put his country's nuclear forces on alert, and the West amped up what it hopes will be crippling financial sanctions. The crypto, however, began moving higher earlier this morning, including a jump from $38,000 to $39,500 over the course of a few minutes just before U.S. stocks opened their session.
At press time, BTC was trading at around $41,105.
Laurent Kssis, a crypto exchange-traded fund (ETF) expert and director of CEC Capital, said technical and proprietary signals are strong to hold the $41,000 position for the cryptocurrency. Kssis added that "overnight we should see some appreciation even narrowly." He also noted that the average transaction value in dollars for bitcoin has rallied 10% in the last 2 hours, which "means investors are taking on larger bets in bitcoin which has helped confidence building."
Possibly helping sentiment this morning is unconfirmed chatter that Russia is exploring a digital "one world, one currency" for trade.
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
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- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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