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MTrading Team • 2022-02-28

BTC Remains Bearish and ETH Drops Dramatically, While BRENT Continues To Soar

BTC Remains Bearish and ETH Drops Dramatically, While BRENT Continues To Soar

The Ukrainian government has received a total of 5 million USD in cryptocurrency donations from around the world as a direct response to the ongoing conflict between Russia and Ukraine. 

Around 4 million USD worth of ETH (Ethereum) was sent, along with about 1 million USD worth of BTC (Bitcoin). 

Elsewhere, BTC-RUB (Ruble) and USDT (Tether) - RUB have experienced a huge boost in trading volumes, with the volume rising to a massive high of 1.5 billion.

At the time of writing, BTC currently sits at $38,352.40, which falls somewhere in the middle between it’s 24H high of $39,840.80, and its 24H low of $37,044.60.

ETC has dropped dramatically in the past 24 hours, as it began trading at £2,105,31 at the beginning of the trading window, and the price has now sunk to £1,964.19 at the time of writing.

DJI30 remains stable, BRENT soars and Gold recovers slightly

DJI30 is showing healthy growth and appears to be in a continuing upward trend in 2022, which it has been building on since its huge drop back in March-April of 2021. At the time of writing, it is currently traded at $33619.

Brent Oil’s price continues to soar, as it has increased to a high of $101.274 at the time of writing, and appears to be showing no signs of stopping. This is likely in response to recent sanctions placed upon Russia, which has restricted access and trading for Oil in the financial markets.

Gold is currently traded at a price of £1,423.62 ($1,906.85) at the time of writing. It has at least remained within the price region of over £1,400 and is slightly recovering, but it’s dropped significantly in value over the past week, in comparison to the high it reached on Feb 24th of £1,472.67. 

Current predictions

Owing to the financial sanctions that have been placed upon Russia, it is likely that investments in crypto and cryptocurrencies paired with the Ruble (such as the aforementioned BTC-Rub pair) will continue to receive investments.

This offers a sort of insurance policy against losses at a time when things are so uncertain that it’s hard to predict what will happen next, especially within the markets. Since the Ruble has decreased in value significantly due to the ongoing conflict, investing in crypto offers an alternative for investors.

In terms of overall performance for BTC, it’s not looking particularly promising. More positive speculators might observe that it has at least retained some stability and has not dropped any further than the massive price decreases that have occurred over the past 4-5 months, but for now, it remains a bearish market for the foreseeable future.

ETH simply continues to offer uncertainty, as it continuously hovers around the £2,000 price range. Unless it receives some huge investment or makes some major moves soon, interest may begin to waiver among investors soon.

Brent Oil will likely continue to increase in price unless the ongoing conflict is resolved and the financial sanctions are removed. Scarcity and uncertainty often lead to huge price fluctuations in the markets, as professional traders seek to preserve their investments, and avoid losses, and of course, if the demand is high and it’s difficult to get access to important resources, the price will inevitably continue to rise.

Gold and the DJI30 will likely remain stable for now, but it is more likely that the DJI30 will be the one to continue to increase in value.

- GOLD was £1,389.40, raised to £1,423.62

- DJI30 was $33549, raised to $33619

- BRENT was $78.212, raised to $101.274

- BTC was $37,044.60, raised to $38,352.40

- ETH was £2,105,31, lowered to £1,964.19

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