After a tumultuous few days for the cryptocurrency market, the price of Bitcoin (BTC) soared to a two-week high of over $44,000 on Tuesday, March 1.
In response to Russia’s invasion of Ukraine, the crypto market underwent a massive sell-off, resulting in the price of Bitcoin falling from $39,000 to below $35,000 at the end of last week.
However, the flagship digital asset bounced back nearly as swiftly as it had fallen, with several experts praising Bitcoin’s potential to act as a safe-haven asset during times of geopolitical instability.
Inevitably, Bitcoin’s resurgence has benefitted the rest of the space, with $260 billion inflowing into the crypto market cap. Indeed on February 22, the total market capitalization stood at $1.69 trillion and presently stands at $1.96 trillion as of March 1.
In the last 24 hours, the global crypto market cap has increased by 14.09%. Meanwhile, the total market volume over the same time was $129.31 billion, which makes a 51.62% increase.
In particular, DeFi accounted for $20.8 billion or 16.11% of the total crypto market 24-hour volume whereas stable coins amounted to $106.58B or 82.42%.
Bitcoin is leading the crypto market resurgence
In response to Ukraine’s request for Bitcoin and Ethereum (ETH) donations over the weekend, cryptocurrency enthusiasts donated tens of thousands of dollars worth of cryptocurrency to the country’s defense efforts, which the Ukrainian Digital Ministry stated would be used; to “help Ukraine’s armed forces.”
Crypto donations for Ukraine have now surpassed the $30 million mark as support continues amid the ongoing Russian invasion.
Ukraine has also requested that cryptocurrency exchanges freeze the accounts of Russian and Belarusian citizens, and the Russian cryptocurrency exchange BestChange looked to be offline on Monday; however, Binance and Kraken both ruled out blocking accounts for ordinary Russian crypto users.
With Russia State Duma deputy from the Communist Party of the Russian Federation (CPRF), Nikolai Arefiev, revealing 60 trillion rubles from Russian residents will be utilized in the event of a fresh economic collapse, many Russians are turning to crypto as a result.
Indeed, Ruble-Bitcoin (RUB/BTC) volumes hit a 9-month high as Russian banks raised interest rates 20% as the ruble fell to a record low. Notably, Bitcoin is now valued higher than the ruble following its collapse.
Currently, Bitcoin is now trading at $44,547, up 15.02% on the day and 18.57% in the last week, according to CoinMarketCap statistics.
The total market capitalization of BTC is $845 billion; in total, it has seen an influx of over $130 billion in the last week, helping Bitcoin’s dominance hit 43%, an increase of 0.96% over the day.
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