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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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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
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