Bitcoin’s price has risen by around 13percent in the last 7 days and is currently trading at around $44,000. After plummeting to around $34,900 on February 24, 2022, the much more popular crypto asset has regained around 23% of its worth.
Bitcoin has picked up steam as a very last resort of payment midst the ongoing conflict between Russia and Ukraine, as per experts.
The price of Bitcoin has surpassed that of the Ruble, the Russian fiat currency.
Bitcoin aficionados are wishing that the cryptocurrency asset will soon rise to its all-time significant importance, despite a positive price trend in the crypto market at a time when stock markets are falling due to an ongoing geopolitical conflict.
They anticipate Bitcoin to cross the $50,000 price barrier by the end of the month. Is it going to happen?
Experts predict that Bitcoin’s price will rise to new highs this month March 2022 as a result of external factors working in its favor.
Bitcoin has broken its ties with the stock market. While Bitcoin prices rose, the S&P 500 index fell due to concerns about rising oil and commodity prices. Because the Ukraine-Russia crisis is expected to drag on longer than expected, Bitcoin is likely to reclaim its condition as a haven asset. The number of wallet addresses holding 1000BTC has increased significantly.
The Federal Reserve is on shaky ground. In 2022, the number of Fed rate hikes is expected to be lower due to recession fears. All of these factors, according to Sharat Chandra, VP-Research as well as Strategy at EarthID, a self-sovereign Identity Management Platform, will accelerate Bitcoin prices to relatively new peaks in March.
Experts also believe that the Russia-Ukraine conflict has been a watershed moment for the cryptocurrency market. Stay tuned with us to get the latest advancements in the crypto world.