(BTC) Bitcoin Price Chart Shows It Keeps $38k Level

(BTC) Bitcoin Price Chart Shows It Keeps $38k Level

BTC is holding at $38K for the second day in a row, remaining 12% below the levels it reached a week earlier. Ethereum lost 1.3% over the past day, other leading altcoins from the top ten are moving in the range between +1% (BNB) to -4% (XRP). According to CoinMarketCap, the total capitalization of the crypto market decreased by 0.2% over the day, to $1.71 trillion.

The Bitcoin Dominance Index added 0.1% to 42.4%. The Fear and Greed Cryptocurrency Index lost 2 points to 21 in a day and remains in a state of “extreme fear”. Bitcoin has started this week with a drawdown along with a decline in all risky assets on reports of intensified hostilities in Ukraine. In the middle of the day, BTC managed to turn against the tide, winning back the initial failure, despite the decline in stock indices.

Bitcoin turned against the tide - 1

FxPro’s analyst team mentioned that over the weekend, the US discussed the possibility of a ban on Russian oil imports, which could lead to a jump in energy prices and slow economic growth. Big players are piling up USDT during the decline of bitcoin in order to probably buy the first cryptocurrency at a lower price, according to Santiment. Including, according to Whale Alert, a wallet with 407 BTC “woke up”, which has not been active since 2013. It may well expect big deals from him in the near future.

One of the founders of Apple, Steve Wozniak, said that most crypto assets are robbery and fraud. However, he has always admired bitcoin and called it in 2020 a “unique mathematical marvel”, but specified that he wasn't planning to invest in BTC.

Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.