Bitcoin Pushes Higher Again with Ukraine War Turning into ‘Great Test Case’ for BTC
Bitcoin (BTC) and the broader crypto market continued to rise strongly today, as more analysts drew a parallel between the current market action and bitcoin’s role as sovereign money in a world heavily impacted by war and sanctions. According to the crypto exchange Bitfinex, the war in Ukraine could prove to be the first “great test case” for bitcoin.
At 15:50 UTC on Tuesday, BTC stood at USD 43,639, up 7% for the day and almost 18% for the week, after yesterday breaking through the USD 40,000 mark in a strong way.
30-day price of BTC:
The strong bullish action led to a flurry of leveraged short BTC positions being liquidated in the market. According to data from Coinglass, liquidations reached a peak during the 12-hour period from noon to midnight on Monday, when USD 119m in BTC short positions were liquidated, as the price surged well above the USD 40,000 level.
The gains in the price of bitcoin came as more capital flowed into regulated investment funds holding the digital asset last week.
According to the crypto research and investment firm CoinShares, digital asset investment products saw inflows of USD 36m last week, despite the tensions in Ukraine, which turned into a full-scale war on Thursday.
Out of this total, USD 17m were added to bitcoin investment products, marking its fifth consecutive week of inflows, the firm wrote.
It’s worth noting that the inflows were smaller than a week ago, when USD 109m flowed into digital asset investment products in total, and USD 89m of those went to bitcoin-backed products.
Commenting on bitcoin’s current set-up from a technical analysis standpoint, Hong Kong-based crypto financial services firm Babel Finance said in its latest weekly report that the USD 40,000 mark will be “a
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