Bitcoin Tested $40K On Reports That Putin Is Making Progress In Ukraine

Bitcoin tested $40K once again on the reports that Putin is making progress in talks with Ukraine amid the escalating tensions between the countries so let’s read more today in our latest Bitcoin news.

Bitcoin’s price surged by over $1000 and it is now challenging the psychological level of $40K. Bitcoin tested $40k on reports that Putin claimed progress is made in talks with Ukraine. The BTC price is now testing the major psychological level of $40,000 after surging over 2.2% over the past hour. The increased volatility also had an impact on liquidations over $24 million in leveraged positions that were wiped off the market in the past hour.

The biggest single liquidation order took place on Bybit and It is worth almost $6 million. The move came on the back of reports that Vladimir Putin said progress is being made in the talks between Ukraine and the Kremlin. Citing Russia’s Interfax news agency, Putin was quoted:

“There are certain positive develompents as the negotiators from our side reported to me.”

However, it is also worth noting that the Russian troops were regrouping near Kyiv and that there could be a potential push to bear down on the capital. Adam Cochran, the crypto analyst noted:

“Markets are so thin and so desperate for relief that we’re moving on vague positive news in the Russia-Ukraine conflict while both sides also release worsening statements and escalating action.”

As reported this morning, The old saying “Buy the rumor, sell the news” was in full effect in the past 36 hours, and a few assets were shaken as hard as BTC. The biggest cryptocurrency by market cap is now trading at $39,220 which was the same price at the start of the week but the current price represents a 7% drop in the past day. When a press release from Janet Yellen was leaked, the US Secretary of Treasury outlined a new approach to regulating the industry that promoted responsible innovation as the leading crypto increased by 8%. It appeared that the market experienced a much bigger expectation that didn’t unfold so the current regulators ranged from the SEC’s Chairman Gary Gensler to Yellen often slammed crypto for the role in illicit finance and for shrinking the consumer protection laws.