October 3, 2022

Bitcoin Jumps To $40k As Putin Sees “Positive Movement” In Negotiations

3 min read

Bitcoin has recovered the $40,000 mark in the last hour, following indicators of development in discussions between and Ukraine amid the ongoing conflict.

Russian President Vladimir Putin specified that “positive motion” was being made in the settlements on a “daily basis.” Russia is dealing with penalties from Western nations, to name a few, as world leaders slam the intrusion of Ukraine.

Bitcoin Spikes Following Putin Remarks

The spike can be found in the wake of brand-new comments from Russian President Vladimir Putin, who suggested in a meeting with his Belarussian equivalent, Aleksandr Lukashenko, that there had actually been “positive shifts” in the Ukraine dynamic.

Putin said enhancements has been made in the talks between the Kremlin and Ukraine:

” There are particular positive shifts, mediators on our side tell me.”

BTC/USD trades close to $40k. Source: TradingView

Putin’s remarks increased international markets. Futures on the S&P 500 rose 1.31%, while futures on the tech-heavy Nasdaq 100 increased 1.65%. Sentiment in Europe was higher, with the DAX in Germany rising 3.41% and the Stoxx Europe 600 rising 2.09%.

At the time of writing, BTC/USD volatility remained high, with bulls intending to break through $40,000 resistance more convincingly.

The increasing volatility had an impact on liquidations also, with over $24 million in leveraged positions being rubbed out the marketplace in the last hour alone. The biggest single liquidation order was on Bybit, worth about $6 million.

Explosive development in #Bitcoin bitfinex shorts

hate to state it, capitulation inbound pic.twitter.com/FTQGt41UBQ

—– Cole Garner (@ColeGarnerXBT) March 11, 2022

Associated Reading|Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

Traders Unsure Of Market

The cryptocurrency market stays unstable. Bitcoin increased from $38,600 in European morning hours to little bit more than $40,200 after Putin’s remarks were revealed. Ethereum, XRP, and Solana’s SOL all acquired 2.4% in the last hour, while Polkadot’s DOT led advances with an 8% increase in the last 24 hours.

However, it’s worth discussing that Russian soldiers are rumored to be collecting around Kyiv, and some visualize a possible effort to encircle the capital.

Adam Cochran, a well-known crypto critic and analyst, discussed the opposing signals, stating:

” Markets are so thin and so desperate for relief that we’re moving on vague favorable news in the Russia-Ukraine dispute while both sides also launch getting worse declarations and intensifying action.”

Bitcoin stayed at the lower end of its established trading range, with the area north of $42,000 showing difficult to hold for long in 2022.

The most recent price action, nevertheless, was a blessing for some traders, with popular Twitter account Anbessa notifying followers that everything was going as prepared.

$ BTC/USD Update 📈✅

🔹< img src =" https://s.w.org/images/core/emoji/13.1.0/72x72/1f4c8.png" alt="" class=" wp-smiley" design=" height: 1em; max-height: 1em;"/ >< img src=" https://s.w.org/images/core/emoji/13.1.0/72x72/2705.png" alt=" ✅" class=" wp-smiley" style=" height: 1em; max-height: 1em;"/ >< img src=" https://s.w.org/images/core/emoji/13.1.0/72x72/1f539.png" alt="" class=" wp-smiley" style=" height: 1em; max-height: 1em; "/ > bullish divergence playing out< img src=" https://s.w.org/images/core/emoji/13.1.0/72x72/2714.png "alt=" ✔" class= "wp-smiley" design>=”height: 1em; max-height: 1em;”/ >

— 4th entry -> 4 bounce up 3 % pic.twitter.com/QqZnheFLyQ– AN ESSA (@Anbessa100) March 11, 2022

The deterioration of Ukraine’s position has sent shockwaves through global markets. Today, India saw a massive outflow of foreign capital worth billions of dollars, while Brent crude struck $140 per barrel.

Related Article|Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

Included image from Getty Images, chart from TradingView.com