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Bitcoin price popped 15% during the span and is back above $43,000, while ETH is flirting with a move back to $3,000

Although some analysts remain cautious about geopolitical risks, Bitcoin price and other cryptocurrencies traded higher yesterday. Other significant cryptos rose, even as the U.S. looked to hamstring Russian from using crypto to evade sanctions. At the time of writing, BTC is changing hands at $43,332.

bitcoin-price-popped-15-during-the-span-and-is-back-above-43000-while-eth-is-flirting-with-a-move-back-to-3000

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price rises despite geopolitical tensions

Bitcoin has been downtrend since its all-time high in November of nearly $69,000, well before the Russia-Ukraine conflict. That means other factors such as global monetary tightening, regulatory uncertainty, and lower crypto demand from China have weighed on prices. Still, cyclical downturns in bitcoin eventually phase out, given the cryptocurrency’s long-term uptrend.

Then, the leading cryptocurrency soared more than 15% at one point, even as Russia escalated its war against Ukraine, pounding the country’s capital Kyiv and its second-largest city, Kharkiv, with rocket fire. Ether rose over 12%, and other major cryptos were firmly green.

Observers of the conflict initiated by Russian President Vladimir Putin fear that the nearly 200,000-strong invading force bloodied by surprisingly strong Ukraine resistance last week will resort to more brutal tactics. Russia and Ukraine delegations adjourned their initial peace talks on the Belarus border without resolution to report back to their governments. European and U.S. sanctions began to bite into the Russian economy.

“Cryptocurrency soared on the best price-performing day since the war was announced. This comes just as traders were at their most negative toward Bitcoin in 16 months”, Santiment stated.

bitcoin-price-popped-15-during-the-span-and-is-back-above-43000-while-eth-is-flirting-with-a-move-back-to-3000

Source: Santiment

At press time, Bitcoin was trading at just above $43,000, its highest level since mid-February. The second-largest crypto by market cap, Ether, was trading at about $2,900 and following a similar pattern. That matches the broader cryptocurrency market cap increase seen over the last 24 hours, as the market currently sits above $1.9 trillion in total.

“The overall sentiment toward Bitcoin fell to its most negative point since October 2020. Additionally, BTC funding rates are skewing toward shorts to a high degree. This level of FUD already appears to be propelling prices upward on a green Monday”, Santiment reported.

bitcoin-price-popped-15-during-the-span-and-is-back-above-43000-while-eth-is-flirting-with-a-move-back-to-3000

Source: Santiment

Terra (LUNA) is the biggest winner in the top 10 crypto coins by market cap, rising a staggering 25% over the last 24 hours to a current price of nearly $90. Solana (SOL) has also seen a larger-than-average increase, up 17% over the previous day for $99.

In another development, AMC Theatres customers next month will be able to pay with Dogecoin (DOGE) and Shiba Inu (SHIB) using crypto payments provider BitPay. These meme coins have increased by 8% and 10%, respectively, in the last 24 hours. The overall cryptocurrency market cap stands at $1.914 trillion, and Bitcoin Dominance is 42.9%.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

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