The price of the majority of major cryptocurrencies was observed to be bright again on Thursday (31/3/2022), although market sentiment worsened again after Russia again attacked Ukraine yesterday.
Launching data from CoinMarketCap at 09:00 WIB, only two digital coins (tokens) of the stablecoin type, namely Tether and USD Coin, are traded in the red zone today.
While the rest were observed to be green again. Bitcoin rose 1.23% to a price level of US$ 47,406.32/coin or equivalent to Rp. 679,806,629/coin (assuming an exchange rate of Rp. 14,340/US$), Ethereum rose 2.02% to a level of US$ 3,418.98/coin or IDR 49,028,173/coin.
Furthermore BNB jumped 5.46% to US$ 451.62/coin (Rp 6,476,231/coin), XRP increased 2.16% to US$ 0.8685/coin (Rp 12,454/coin), Solana skyrocketed 14.27 % to US$ 123.56/coin (Rp 1,771,850/koin), and the Avalanche flies 12.53% to US$ 101.44/coin (Rp 1,454,650/coin).
Bitcoin tends to stay in the range of US$ 46,000-US$ 47,000, amid the re-escalation of Russia-Ukraine geopolitical risks, where the conflict between the two is still heating up despite the ongoing peace dialogue.
Although Bitcoin tends to hold on, other major cryptocurrencies are back on their feet after a brief correction as investors started to realize their profits on a smaller scale yesterday.
Most alternative cryptocurrencies (altcoins) still outperform Bitcoin to this day. Like the Solana token, which today soared by more than 14%. This indicates that the trader is still comfortable with his risk appetite.
Regarding the Russia-Ukraine conflict and the Western Bloc countries, Russia’s attacks on Ukraine are still happening, even though dialogue between the two is ongoing.
The world was ‘stirred up’ by Russia’s move. Before attacking Ukraine, Russia had also withdrawn its troops from the border. But on February 24, 2022, Russian President Vladimir Putin announced an attack on Ukraine which he called a special operation.
“After being fooled, market participants are unlikely to make the same mistake,” said Jim Ritterbusch, president of Illinois-based Ritterbusch and Associates, as quoted by Reuters.
As a result of the ongoing attacks on Ukraine, Russia is threatened with new sanctions from the US and its allies. The new sanctions will focus on shutting down the Red Bear Country’s weapons supply chain.
“We will focus on the ability of the Kremlin to operate their war machine,” said Wally Adeyemo, US Undersecretary of the Treasury, as reported by Reuters.
On the other hand, The Bitcoin Fear & Greed Index, an index that measures the psychology of investors in Bitcoin has entered the ‘greed’ zone, which shows that bullish sentiment in the crypto market is getting bigger.