Cryptocurrencies rose after Joe Biden introduces New Sanctions against Russia

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Cryptocurrencies rose after Joe Biden introduces New Sanctions against Russia
28 Feb 2022
6 min read

News Synopsis

Cryptocurrencies saw a surge as traders seemed to shake off the Russian-Ukraine crisis, eradicating sharp losses early in the day. Bitcoin surged 1.7%  to $38,262.21 and Ether rose about 0.2% and traded at about $ 2,631.50.

President Joe Biden said at a press conference that the USA would create a new wave of sanctions against Russia and limit its ability to do business in dollars, euros, pounds and yen to isolate Moscow from the global economy.

Cryptocurrencies have been under pressure since Bitcoin reached a record high of $ 69,000 in early November. Since then, Bitcoin has fallen by almost 50%. Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno said that Bitcoin can see lows at around the $30,000 mark with the key level being the low of between $28,000 and $29,000.

If Bitcoin has managed to surpass this, it could hit new highs later this year, Ayyar said. But he also said that if prices fall below that, Bitcoin could recover to a low of $ 20,000.

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