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