The Bitcoin rise has finally slowed after a strong start to the week, with the BTC price now resting at $43,500, up 24 percent on the weekly charts. The Bitcoin and cryptocurrency market rallies are taking place against the backdrop of the huge geopolitical issue unfolding with the Russia-Ukraine conflict.
According to reports, as the Russian Ruble falls in value, Russians are pouring money into Bitcoin and cryptocurrency in large amounts. The recent drop in the crypto market comes as the EU considers increasing sanctions and investigating if Russia is using crypto to circumvent Western restrictions.
German Finance Minister Christian Lindner said on March 2 that EU and G7 members are cooperating to prevent Russians from avoiding monetary penalties.
Recent Bitcoin growth has been largely connected with political instability. The Russian Ruble is trading at its highest level since May of last year.
Crypto exchanges have also been asked by MPs from Ukraine and the United States to prohibit regular Russian residents from dealing in cryptocurrency. However, some exchanges, like as Binance and Kraken, have flatly refused the request.
Bitcoin Whales Are Getting More Active
Whales, on the other hand, have been expanding their Bitcoin trading activities amid the recent price surge.
Whales are becoming more active in making massive transactions as #Bitcoin hovers between $43k and $45k and traders wait for the next big swing. There have been 13,400 $BTC transactions worth more than $1 million in the just three days.
While reports of increased Russian ruble-to-BTC trading volumes emerge, Ukrainians are also purchasing Bitcoin in greater numbers.
— Lark Davis (@TheCryptoLark) March 2, 2022
After the early-week pump, the broader cryptocurrency market, like Bitcoin, appears to be taking a breather.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.