The geopolitical conflict has caused several economic consequences, and its impacts can also be felt in the crypto market. The uncertainties in the face of the war in Ukraine are evident with the behavior of bitcoin prices going up and down, within the same range, highlights Transfero’s Asset team.
“As highlighted last week, windows of opportunity have emerged between prices of US$ 42,700 (selling opportunity) and US$ 37,500 (buying opportunity)”, the analysts pointed out.
Source: TradingView
Source: TradingView
According to Transfero, the asset price took a positive leap on March 9 due to the announcement that US President Joe Biden would sign an executive order on digital assets related to regulation.
However, the following day, the market retreated, canceling out the entire high of the 9th. For Transfero, the fall is due to the current geopolitical situation and the increase in oil prices, causing a race for liquidity in the short term.
Source: Coinglass.com
In addition, another critical aspect to note was the increase in the dominance of the Dollar Tether (USDT) over the one-year period, showing that investors are a bit wary of the market as a whole and are looking to protect themselves with stablecoins.
Trade bitcoin and other cryptoassets at Transfero Crypto with deposit and withdrawal in Brazilian Reais.
