Bitcoin Holds Near $38k; Faces Pressure After U.S.-Russia Sanctions - BitcoinEthereumNews.com
BitcoinBitcoin Holds Near $38k; Faces Pressure After U.S.-Russia Sanctions02 / 23 / 2022बिटकॉइन एथेरियम समाचार Bitcoin hovered around the $38,000 level on Wednesday, leading a small recovery among cryptocurrencies even as the United States slapped sanctions on Russia over an invasion of Ukraine. The token recovered 3.5% from a slump to $36,629 on Tuesday, amid some speculation that it had found its bottom. Other tokens, including Ethereum, Binance Coin, XRP and Cardano also rose from multi-week lows hit earlier. U.S. President Joe Biden anounced tough new sanctions targeting Russian banks and elites for begining an invasion of Ukraine. The move cuts off Russia from Western finances, BBC reports. Biden threatened more restrictions, but left the door open for diplomacy to avoid an all-out invasion of Ukraine. The move marks a further worsening in U.S.-Russia ties, which have ravaged crypto markets over the past two weeks. Total market capitalization has slumped $300 billion from a peak hit in Feb, currently at about $1.7 trillion. Sentiment was still clearly risk-off, with stablecoins, particularly Tether, seeing heavy volumes in the past 24 hours. Gold prices rose, while Asian stock markets sank in morning trade. Analysts see Bitcoin at a crossroads, as it faces pressure from geopolitical tensions, as well as