Bitcoin Price: Experts believe that bitcoin may reach a new high in March 2022 amid the ongoing war between Russia and Ukraine.
Bitcoin Price : The price of bitcoin has risen about 14 percent in the past seven days. Today on March 2, at the time of writing this report, it is trading at around $44,000. Bitcoin, the largest and most popular cryptocurrency, had fallen to around $34,900 on February 24, but has now bounced back with a gain of 23 per cent. According to experts, bitcoin may reach new highs in March 2022 amid the ongoing war between Russia and Ukraine. The value of bitcoin has exceeded the value of the Russian fiat currency ruble.
Investors expect a rise in bitcoin
The war between Russia and Ukraine has led to a fall in the stock markets, but in the meantime crypto investors are expecting a rise in bitcoin. Investors believe that the popular cryptocurrency bitcoin may soon touch its all-time high. Investors expect bitcoin to reach the level of $50,000 by the end of this month. Experts say that there are many reasons due to which the price of bitcoin can reach new highs this month. Let us know what are those reasons.
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Why can there be a rise in the price of bitcoin?
EarthID VP (Research and Strategy) Sharat Chandra told FE Online, “Bitcoin has distanced itself from the equity market. The S&P index declined amid concerns about rising oil prices at a time when bitcoin prices rose. The fight between Ukraine and Russia could be prolonged, so bitcoin is also expected to rally and hit new highs. can reach. Given the fears of recession, the number of Fed rate hikes is expected to decrease in 2022. All these factors can take bitcoin prices to new highs in March.”
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Russia-Ukraine War Turning Point for Crypto
Experts also say that the Russia-Ukraine war has proved to be a turning point for the crypto industry. Dilip Seinberg, Founder and CEO, ThinkChain said, “The Russia-Ukraine war could be a turning point for the crypto industry. If national trade can be done through crypto, then it is definitely going to affect the pricing.” He further added that bitcoin is the only de-centralized currency that can become legal tender for many countries, unlike other altcoins, which operate mostly under a centralized agency owned by individuals or organizations.
However, Seinberg does not think that bitcoin will reach $50,000 within a month. “However, within a month it will not again reach the level of $50,000. It may take another 21-25 days to reach $50,000.” Meanwhile, the prices of other crypto assets like Ether, Solana, Binance Coin also seem to be recovering.
(Article – Rajeev Kumar)
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