Bitcoin continues to rise, breaking past $44,000 even as the Russian stock market resumes partial trading.
At the time of writing, Bitcoin is trading at $44,231, up 10% over the past 7 days, as traders monitor the $45,000 resistance area. Currently, $43,500 continues to act as a strong support after the price broke and closed above the area earlier this week.
Furthermore, the 10-day and 20-day moving averages appeared to have crossed, signaling incoming strength even as data in the chain continues to show massive accumulation by whales. With recent inflation rates in the US soaring, traditionally a recipe for Bitcoin’s strength, investor interest in the coin appears to have increased as they seek to hedge against inflation.
The total valuation of the cryptocurrency market is once again above $2 trillion after rising $50 billion in a day, according to data from CoinMarketCap.
Crypto Market Cap — CoinMarketCap
On the other hand, Ethereum continues to outperform Bitcoin after breaching the psychological level of $3,000 and is currently trading at $3,148, up 3.92%, even as traders create buzz around the planned “Merge”.
In addition, other coins such as Cardano, Solana and Polkadot continue to rise after gaining 39.59%, 21.55% and 15.17% respectively in the past seven days.
Cardano has emerged as the top performer of the week, gaining more than 40% in the past 7 days while continuing on a solid uptrend. Momentum was boosted Thursday after news that Coinbase added staking for the crypto assets.
Russian stock market rises on first trading day
The resurgence of major cryptocurrencies comes even as the Russian stock market opens to trading after a month-long shutdown following a central bank decision after major stock indices collapsed in the wake of the Ukrainian invasion.
The benchmark MOEX index jumped more than 9% just minutes after the market opened, after losing about 33% in the last month following the Russian invasion of Ukraine. While the Russian stock market has been severely hit by mounting sanctions that have left most local companies unable to do business, the Kremlin has taken countermeasures to mitigate the effects of the sanctions, creating a ripple effect on cryptocurrencies that are increasingly seen as an option from .
This week, for example, Russia halted stock sales, banning short-selling foreigners who leave local stocks. The government has also promised a $10 billion equity injection to help the stock market reopen. In addition, President Putin on Wednesday restricted Western countries’ purchases of oil and gas from Russia to just the ruble to strengthen currencies after it fell more than 50% against the dollar. As of reporting, the ruble has gained more than half of its lost value, even as experts argue that cryptocurrencies pose no threat to Western sanctions against Russia.