Home » Bitcoin once rose above $44,000 – Digital Currency / Blockchain

Bitcoin once rose above $44,000 – Digital Currency / Blockchain

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Bitcoin once rose above $44,000 – Digital Currency / Blockchain

Bitcoin continued to rise on Thursday, once topping $44,000 for the first time since February 17. There are growing signs that the conflict in Ukraine appears to be boosting demand for cryptocurrencies.Earlier, the world‘s largest cryptocurrency had risen as much as 6% to $44,183 before retreating to around $43,200.

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Screenshot 2022-03-01 at 14-33-54 Bitcoin (BTC) price, real-time quotes and news - Google Finance.webp

Before the official outbreak of the Russian-Ukrainian conflict, bitcoin fell sharply as geopolitical tensions intensified, raising questions about bitcoin’s “safe-haven” function. But as the conflict officially broke out and Western sanctions against Russia escalated, Bitcoin rallied. Some bulls point out that this means that the narrative that cryptocurrencies are just another risky asset is shattered.

Adam Farthing, Japan’s chief risk officer at cryptocurrency trading firm B2C2, said bitcoin could “decouple from risk” and start trading more like a hedge against geopolitical instability and inflation.

Leah Wald, CEO of crypto asset management firm Valkyrie Funds, said: “In the past, there has been a strong correlation between the liquidation of traditional assets and the decline of digital assets. However, we are not seeing this happening right now, and the key test is Let’s see if this model holds up. If it does, we may be at the tipping point that many have been waiting for, when Bitcoin and other cryptocurrencies may become mainstream.”

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