The hours in February 23rd to 25th have been quite eventful in the crypto space. In the wake of the Russia-Ukraine Crisis, Bitcoin price dipped well below $35,000 with analysts and crypto enthusiasts fearing it could hit as low as $30,000.
Following the attack on Ukraine by Russia’s President, Vladimir Putin, cryptocurrencies suffered loss of strength with major indicator, Bitcoin falling to $34,626, a far cry from its $39,000 stance just a day before.
However, the crypto market has bounced back quite well as most indexes are now green. During the time of writing this article, Bitcoin was trading at $38,800 while other major altcoins like Ethereum and Doge have also gone upwards of 11% and more.
Bitcoin trading volumes in Ukraine have also gone up following donations of about $4.4 million dollars worth of Bitcoin to support the government in the face of this crisis.
Even though the Ukrainian government cannot receive payments in Bitcoin or any other crypto as it is against their laws, a non governmental charity organization “Come Back Alive”, aimed at providing military assistance has received these donations.
Bitcoin’s rebound test should be worthy of note as it is already preparing itself to break the $40,000 mark in less than a day after many feared it could fall below $30,000 following the panic sell off. If Bitcoin breaks $40,000 soon, we may well be in for a good time as $45,000 would appear achievable in no time according to data from CoinMarketCap.
Although this is still far from its $44,000 highs of the past weeks or the $65,000 marks of last year, it is a good sign of resilience and Bitcoin may well build up on this momentum in weeks to come. But should another major risk aversion case pops up again that throws traders into a panic selloff frenzy, it may fall below the dreaded $30,000 limit.