{"id":485250,"date":"2022-03-06T14:13:15","date_gmt":"2022-03-06T14:13:15","guid":{"rendered":"https:\/\/wncen.com\/?p=485250"},"modified":"2022-03-06T14:13:15","modified_gmt":"2022-03-06T14:13:15","slug":"bitcoin-falls-back-to-38000-as-russia-steps-up-bombardment-of-ukraine","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-falls-back-to-38000-as-russia-steps-up-bombardment-of-ukraine\/","title":{"rendered":"Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine"},"content":{"rendered":"

As Bitcoin falls back, the US dollar strengthened following impressive economic statistics that indicated the number of jobs generated in the US, among other related factors, increased far more than projected.<\/p>\n

Bitcoin – the world’s alpha dog cryptocurrency – slid down into Sunday’s weekly closing, with geopolitical frictions and concomitant macro sluggishness firmly on the spotlight.<\/p>\n

BTC’s price was down 6% overnight, despite several mid-week rebounds, as the global crypto market lost a massive $78 billion in market capitalization.<\/p>\n

Three-Day Losses Sustained As Bitcoin Falls Back<\/h2>\n

Bitcoin was heading back into the $38,000 region as of mid-Sunday. The cryptocurrency was still up 5% in a month. Ethereum, on the other hand, traded at $2,625, down roughly 4% on the day and 5% on the week. Additionally, it fell 2% in a month.<\/p>\n

TradingView and Cointelegraph Markets Pro data indicated that the BTC\/USD pair was in the midst of testing the $38,000 support level at the time of writing, with three-day losses approaching 12%.<\/p>\n

According to market expert Holger Zschaepitz, global stocks have lost roughly $3 trillion in market value this week as the ongoing Russia-Ukraine conflict threatens to trigger a “huge stagflationary shock.”<\/p>\n

<\/p>\n

BTC total market cap at $735.21 billion in the daily chart | Source: TradingView.com<\/a><\/pre>\n

Demonstrating Strength<\/h2>\n

Bitcoin gained 20% in less than 48 hours on Wednesday, reaching $45,077. At the time, the cryptocurrency was floating above established financial markets, like the NASDAQ and S&P 500, which appeared to be faltering in the wake of Russia’s attack on Ukraine.<\/p>\n

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, stated that Bitcoin is demonstrating strength as it outperforms the NASDAQ stock index and is “maturing toward global digital collateral.”<\/p>\n

Related Article | <\/strong>Bitcoin Staggers After Putin\u2019s Nuclear Deterrence Alert Warning<\/strong><\/a><\/em><\/p>\n

Lindsey Bell, Ally’s Chief Markets and Money Strategist, was quoted by Bloomberg as saying “the war in Ukraine continues to worsen, putting the world on edge.”<\/p>\n

Bell noted that markets have been plagued by uncertainty, which has created an extremely difficult investing environment.<\/p>\n

In The Red Territory<\/h3>\n

Since Friday, when it lost about $99 billion in total market volume, the global cryptocurrency market has been in the red zone.<\/p>\n

With caution still reigning in the short term, the prognosis for Bitcoin was bleak, with most optimistic indicators pointing to a continuation of the current trading range.<\/p>\n

Meanwhile, Russia’s stock market remained closed for the fifth consecutive day on Friday, while the Russian ruble dropped more than 30% versus the US dollar on a weekly basis.<\/p>\n

The ruble fell to an all-time low of $0.00799 on Saturday, as the market continued to bear the brunt of Russia’s invasion of Ukraine.<\/p>\n

Related Article | Billionaire Investor Says Crypto Outlook Is \u2018Very Bullish\u2019 For Bitcoin<\/a><\/em><\/strong><\/p>\n

Featured image from New York Post, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"

As Bitcoin falls back, the US dollar strengthened following impressive economic statistics that indicated the number of jobs generated in the US, among other related factors, increased far more than projected. Bitcoin – the world’s alpha dog cryptocurrency – slid down into Sunday’s weekly closing, with geopolitical frictions and concomitant macro sluggishness firmly on the spotlight. BTC’s price was down 6% overnight, despite several mid-week rebounds, as the global crypto market lost a massive $78 billion in market capitalization. Three-Day Losses Sustained As Bitcoin Falls Back Bitcoin was heading back into the $38,000 region as of mid-Sunday. The cryptocurrency was still up 5% in a month. Ethereum, on the other hand, traded at $2,625, down roughly 4% on the day and 5% on the week. Additionally, it fell 2% in a month. TradingView and Cointelegraph Markets Pro data indicated that the BTC\/USD pair was in the midst of testing the $38,000 support level at the time of writing, with three-day losses approaching 12%. According to market expert Holger Zschaepitz, global stocks have lost roughly $3 trillion in market value this week as the ongoing Russia-Ukraine conflict threatens to trigger a “huge stagflationary shock.” BTC total market cap at $735.21 billion in the daily chart | Source: TradingView.com Demonstrating Strength Bitcoin gained 20% in less than 48 hours on Wednesday, reaching $45,077. At the time, the cryptocurrency was floating above established financial markets, like the NASDAQ and S&P 500, which appeared to be faltering in the wake of Russia’s attack on Ukraine. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, stated that Bitcoin is demonstrating strength as it outperforms the NASDAQ stock index and is “maturing toward global digital collateral.” Related Article | Bitcoin Staggers After Putin\u2019s Nuclear Deterrence Alert Warning Lindsey Bell, Ally’s Chief Markets and Money Strategist, was quoted by Bloomberg as saying “the war in Ukraine continues to worsen, putting the world on edge.” Bell noted that markets have been plagued by uncertainty, which has created an extremely difficult investing environment. In The Red Territory Since Friday, when it lost about $99 billion in total market volume, the global cryptocurrency market has been in the red zone. With caution still reigning in the short term, the prognosis for Bitcoin was bleak, with most optimistic indicators pointing to a continuation of the current trading range. Meanwhile, Russia’s stock market remained closed for the fifth consecutive day on Friday, while the Russian ruble dropped more than 30% versus the US dollar on a weekly basis. The ruble fell to an all-time low of $0.00799 on Saturday, as the market continued to bear the brunt of Russia’s invasion of Ukraine. Related Article | Billionaire Investor Says Crypto Outlook Is \u2018Very Bullish\u2019 For Bitcoin Featured image from New York Post, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":485252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,3730,4276],"class_list":["post-485250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-russia","tag-ukraine"],"acf":[],"yoast_head":"\nBitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine<\/title>\n<meta name=\"description\" content=\"As Bitcoin falls back, the US dollar strengthened following impressive economic statistics that indicated the number of jobs generated in the US, among\" \/>\n<meta name=\"robots\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine","url":"http:\/\/wncen.com\/news\/bitcoin-falls-back-to-38000-as-russia-steps-up-bombardment-of-ukraine\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-falls-back-to-38000-as-russia-steps-up-bombardment-of-ukraine\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/bitcoin-falls.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/bitcoin-falls.jpg?fit=2000%2C1333"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","crypto","russia","ukraine"],"dateCreated":"2022-03-06T14:13:15Z","datePublished":"2022-03-06T14:13:15Z","dateModified":"2022-03-06T14:13:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-falls-back-to-38000-as-russia-steps-up-bombardment-of-ukraine\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-falls-back-to-38000-as-russia-steps-up-bombardment-of-ukraine\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/bitcoin-falls.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/bitcoin-falls.jpg?fit=2000%2C1333\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"crypto\",\"russia\",\"ukraine\"],\"dateCreated\":\"2022-03-06T14:13:15Z\",\"datePublished\":\"2022-03-06T14:13:15Z\",\"dateModified\":\"2022-03-06T14:13:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/bitcoin-falls.jpg?fit=2000%2C1333","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/485250"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=485250"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/485250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/485252"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=485250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=485250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=485250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}