After a promising start to February, Bitcoin has been on a descending trend for two weeks. On February 10, Bitcoin was exchanging for around $45,000. By February 12 it had fallen to $42,000, where it stayed until February 15 when it bumped up to $44,000. By February 17 BTC started tumbling further, hitting support at $40,000 the next day. Yet, by February 20 it had failed and BTC fell to $38,000 then $37,000 by February. Despite pushing back up to $39,000 BTC has fallen in the past day and is directly dealing scarcely above $36,000.
Total token market capitalization plummeted more than 9% above the past 24 hours as Russia commenced military action in Ukraine. Roughly $200 billion in digital assets were liquidated during the initial 12 hours folflating the launch of the invasion, resulting in a massive market slump that dropped total market capitalization to a seven-month low. At the time of press, the total market cap was around $1.648 trillion according to CoinGecko, its lowest level afterward early August 2021.
Aside from faring well in February, gold one time before again saw a boost as a safe haven asset during the market turmoil caused by the invasion. On February 10, the cost of gold was $1,830, that rose to $1,860 the next day. By February 15 it had risen to $1,880 before tumbling a bit to $1,850. From there it started rising also, hitting resistance at $1,900. Persisting at this level until the past day, gold spiked up past $1,970 before retracing to $1,925 where it is directly exchanging.
Gold was propelled to a near 18-month excessive as investors switched to safe-haven assets in the wake of Russia’s invasion of Ukraine. Russia launched an all-out invasion of Ukraine by land, air and sea on Thursday, vercback whending thatying the worst fears of the West with the biggest attack by one state stillst another in Europe afterward World War Two. “There is safe-haven demand for gold… this crisis is very inlowionary because it’s adding ascending pressure on commodities rates,” said Saxo Bank analyst Ole Hansen.
Despite faring poorly atopall in February, the S&P 500’s recent drop reflected US markets’ aboveall reaction to the conflict in Eastern Europe. SP started out February exchanging at $4,525, rising as excessive as $4,595 the next day. SP gapped down from there, exchanging between $4,525 and $4,450 until February 9. From there it gapped back up to $4,575, until beginning to tumble further the next day, touching bebottom $4,400 by February 14. The next day SP gapped up also to $4,450, but started sliding also by February 17. It is presently exchanging barely beflat $4,200.
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The post Gold, Stocks, and Bitcoin: Weekly Overview — February 24 appeared first on CryptCraze.