After Overtaking Ruble, Will The Russia-Ukraine War Be A Turning Point For Bitcoin In March?
2022-03-09 14:20:09
What Is The Current Price Of Bitcoin In March 2022
There is never a real winner in war. The Russian ruble depreciated to a new record low of around 138 per dollar in thin offshore trade on Monday under the ongoing Russia-Ukraine war. The ruble lost more than 60% of its value since the Russian attack on Ukraine started.
As a comparison, One U.S. dollar was worth 84 rubles on Feb. 25 and over 114 rubles on March 1. If we take a look at the data last year, on March 8, 2021, 1 USD to RUB was nearly 73, almost half of the current price according to data from Trading Economics.
Following the sharp devaluation, the market value of the ruble has also depreciated significantly. Data from FiatMarketCap showed that Bitcoin surpassed Ruble for the first time in the global ranking of fiat currencies by market value last Thursday.
At time of writing, with the market cap of $727,948,416,681 (data from Gate.io), BTC still ranks ahead of RUB as the former is ranked 15th, whereas the latter at 23rd in the list.
Could Bitcoin Soar To $50,000 In March?
Not only the market cap, but the price of Bitcoin has also seen a significant increase. The bitcoin price has gained almost 20 percent, going from $34,610 to $43,545 in the last week of February alone. However, entering March, the level of $40,000 failed to be the support level of Bitcoin any more as lingering geopolitical tensions and rising oil prices pushed the U.S. dollar higher.
According to Kevin Kelly, co-founder and global head of macro strategy at Delphi Digital, assets priced or traded in dollars, like Bitcoin, typically drops when the dollar rises, and the two mentioned assets have a pretty inverse correlation.
Bitcoin traded lower over the weekend after buyers were still unable to break above the $40,000 level. The cryptocurrency continues to trade in a tight price range and is down 2% over the past 24 hours and Bitcoin price live on Gate.io is at around $38,800. Immediate support is at $37,000, which could stabilize the pullback, although stronger support is seen at $35,000.
Bitcoin enthusiasts are expecting Bitcoin to touch the $50,000 price barrier by the end of this month as Bitcoin has gained traction as a last resort of transaction amid the ongoing war between Russia and Ukraine according to experts. Experts also say that the Russia-Ukraine war has proved to be one of the turning points for BTC.
Coinbase CEO Brian Armstrong said ordinary Russians are using Bitcoin as a ‘lifeline’: “Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed.”
Sharat Chandra, VP- Research and Strategy , EarthID, a self-sovereign Identity Management Platform explained that Bitcoin price is set to increase to new highs due to several factors playing in its favor this month.
First, Bitcoin has decoupled itself from the equities markets. Therefore, while the S & P index nosedived amidst concerns of rising oil prices and commodities, the price of Bitcoin rose. Second, Bitcoin is likely to regain its safe haven status as the Ukraine-Russia crisis is expected to play out longer than expected. Third, the number of wallet addresses holding 1000 BTC has increased significantly.
“All these factors will cumulatively propel Bitcoin price to newer highs in March”, concluded Chandra. Nigel Green, the chief executive of financial advisory group deVere, also predicted that BTC will hit $50,000 before the end of March: "As it currently stands, I can see no reason why this price momentum should falter."
There is never a real winner in war. The Russian ruble depreciated to a new record low of around 138 per dollar in thin offshore trade on Monday under the ongoing Russia-Ukraine war. The ruble lost more than 60% of its value since the Russian attack on Ukraine started.
As a comparison, One U.S. dollar was worth 84 rubles on Feb. 25 and over 114 rubles on March 1. If we take a look at the data last year, on March 8, 2021, 1 USD to RUB was nearly 73, almost half of the current price according to data from Trading Economics.
Following the sharp devaluation, the market value of the ruble has also depreciated significantly. Data from FiatMarketCap showed that Bitcoin surpassed Ruble for the first time in the global ranking of fiat currencies by market value last Thursday.
At time of writing, with the market cap of $727,948,416,681 (data from Gate.io), BTC still ranks ahead of RUB as the former is ranked 15th, whereas the latter at 23rd in the list.
Could Bitcoin Soar To $50,000 In March?
Not only the market cap, but the price of Bitcoin has also seen a significant increase. The bitcoin price has gained almost 20 percent, going from $34,610 to $43,545 in the last week of February alone. However, entering March, the level of $40,000 failed to be the support level of Bitcoin any more as lingering geopolitical tensions and rising oil prices pushed the U.S. dollar higher.
According to Kevin Kelly, co-founder and global head of macro strategy at Delphi Digital, assets priced or traded in dollars, like Bitcoin, typically drops when the dollar rises, and the two mentioned assets have a pretty inverse correlation.
Bitcoin traded lower over the weekend after buyers were still unable to break above the $40,000 level. The cryptocurrency continues to trade in a tight price range and is down 2% over the past 24 hours and Bitcoin price live on Gate.io is at around $38,800. Immediate support is at $37,000, which could stabilize the pullback, although stronger support is seen at $35,000.
Bitcoin enthusiasts are expecting Bitcoin to touch the $50,000 price barrier by the end of this month as Bitcoin has gained traction as a last resort of transaction amid the ongoing war between Russia and Ukraine according to experts. Experts also say that the Russia-Ukraine war has proved to be one of the turning points for BTC.
Coinbase CEO Brian Armstrong said ordinary Russians are using Bitcoin as a ‘lifeline’: “Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed.”
Sharat Chandra, VP- Research and Strategy , EarthID, a self-sovereign Identity Management Platform explained that Bitcoin price is set to increase to new highs due to several factors playing in its favor this month.
First, Bitcoin has decoupled itself from the equities markets. Therefore, while the S & P index nosedived amidst concerns of rising oil prices and commodities, the price of Bitcoin rose. Second, Bitcoin is likely to regain its safe haven status as the Ukraine-Russia crisis is expected to play out longer than expected. Third, the number of wallet addresses holding 1000 BTC has increased significantly.
“All these factors will cumulatively propel Bitcoin price to newer highs in March”, concluded Chandra. Nigel Green, the chief executive of financial advisory group deVere, also predicted that BTC will hit $50,000 before the end of March: "As it currently stands, I can see no reason why this price momentum should falter."
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