Bitcoin Touched $40K In Weekend Recovery, ETH Spikes 6%

Bitcoin touched $40K in a weekend recovery while ETH spikes 6% while the crypto and financial markets took a hit after Putin ordered a “special military operation” on Ukraine as we reported previously in our latest Bitcoin news.

The markets are pricing the future following Biden’s speech which confirmed that the US will not apply more sanctions and so the global markets quickly recovered. We saw on Thursday a 7% intra-day gain in Wall Street while on Friday we saw a spike again on the Wall Street screens. The primary digital asset now hovers around $39,000 after reaching above $40K which is much higher than the days before the conflict. Most of the alternative coins are in the green while the market reached $1.77 trillion.

BTC similar to other financial assets lost a huge chunk of its value after Russia launched a military operation in Ukraine. The coin crashed to $34,000 and the situation came with much uncertainty whether the NATO members could send troops to Eastern Europe which was not a bullish factor for BTC. The primary cryptocurrency started a new rally during the early hours of Thursday when USA President Joe Biden asserted that the American forces won’t be sent to Ukraine and take part in the military conflict. Rather than that, the politician promised to impose severe sanctions on Russia and limit the country’s ability to do business in dollars, pounds, euros, and even the yen and be a part of the global economy. After this announcement, BTC increased dramatically.

Over the next 36-hours, the asset’s USD value increased higher. Bitcoin touched $40K and it currently trades around $39,000 while the market cap sits at $743 billion. It is safe to say that the price increase resulted from the other nation’s approach to the conflict. Australia, EU, Japan all announced they won’t send their armies to Ukraine and like the USA, they promised to impose monetary sanctions and embargos on Russia.

As it usually happens, in line with the BTC price gains, most of the alternative coins were headed north. While the main cryptocurrency is only 1% up compared to the day before, Ethereum’s USD value increased by 6% and it is now trading near $2750. Terra’s LUNA, XRP, and DOT are among the best performing assets and all of them increased by over 10%. Some of the leading tokens by market cap include Solana which increased by 3%, Cardano increased by 5%, DOGE by 4%, and Binance coin by 3%. The total market cap reached  $1.77 trillion and regained about 700 million.