The current geopolitical news wave has resulted in volatile moves in Bitcoin and other altcoins as far as the crypto update goes. There has been news of Vladimir Putin, the current President of Russia, has ordered the nuclear deterrence forces on standby- which could be construed as negative, but there have also been talks between the nations at war that there is a chance that the war could end without any further bloodshed.
Crypto Update- The Current Crypto Sector Has To Go Beyond The War
Further crypto update states that the crypto community did come into the spotlight as the Ukrainian government went and asked ahead for help and crypto donations. Several individuals over social media also stated that their Ukrainian credit cards has stopped functioning and they were unable to withdraw money from their banks. This also highlights how crypto was the only money that was left with them.
While several analysts have been projecting that Bitcoin could have bottomed out, Marcel Pechman, one of the contributors of Cointelegraph, warned that the data for derivatives does remain inconclusive. Similarly, the data for Ether futures also didn’t paint a largely bullish picture.
The crypto update focuses on the rebound of Bitcoin on the 24th of February at a price of $34,322 after it reached the moving averages on the 26th of February where the bears put up a pretty strong resistance. However, there is a minor positive that the crypto bulls haven’t given up much ground.
Terra’s LUNA token has also established a pretty solid crypto update with its increased bullish momentum after closing and breaking above the downtrend line. Most of the strong buying did push the price above the minor resistance at $70 on the 25th of February.