Threats of fresh sanctions on Russia over its alleged plans to invade neighboring Ukraine data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing ground Sunday,
Following comments from United Kingdom Prime Minister Boris Johnson on financial blocks of Russian firms if the situation escalates, crypto began to fall after a quiet Saturday.
The BBC quoted Johnson as saying on Sunday morning that these would be prohibited from “trading in pounds and dollars,” suggest to US President Joe Biden’s support.
Because crypto is the only market that is always open, the reaction to geopolitical fears in the region could signal a bigger impact next week when traditional markets open. On Wall Street, Monday is a holiday.
However, in line with previous remarks, he suggested that Bitcoin could benefit in the long run from the sweeping changes in US economic policy this year.
“Bitcoin is indicating a rough week ahead – Inflation Unlikely to Drop Unless Risk Assets Do: Most assets are vulnerable to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin,” he argued.
Short timeframes were now equally unpopular among Bitcoin traders, with a $40,000 loss weighing on sentiment.
“Now also failing to hold any support. I can see us retesting 40K within the next few days as we’re at support on LTF but generally the HTF isn’t something to get excited about until we retake some important levels.
— Daan Crypto Trades (@DaanCrypto) February 20, 2022
Cryptocurrency regulation is a big topic as Russian and Indian rules take shape.
On Bitstamp on Sunday, BTC/USD hit a low of $37,974 before rebounding to hold above the $38,000 mark.
From the grave, a terrifying fear emerges.
Others, on the other hand, continued to focus on the historical significance of $40,000 in Bitcoin’s price.
The level has served as a springboard for bulls since it was first broken in 2021, and according to popular Twitter account Mayne, a recapture should be their first move to secure upside.
“For BTC, $40k has been a critical level over the last year. We’ve seen a large rally to the upside each time price has broken below and then reclaimed it. Right now, this is probably a good area to keep an eye on “It made a comment on Sunday.
In the meantime, it appeared that the public was anticipating more losses. After briefly entering “extreme fear,” the Crypto Fear & Greed Index was back in “fear” territory on the day, with a drop of over 50% in just four days.
