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After the United States imposed sanctions on Russia, the price of struggling cryptos has risen

Ed D - Crypto Investor 08-07-2022

  • Following price drops due to the Russian-Ukraine crisis, our trusted Bitcoin and other cryptocurrencies have seen an upward trend
  • After President Biden imposed yet another embargo on Russia, traders appear to have brushed off the impact of the dispute
  • The price of bitcoin has grown more connected with the price of other risk assets

After battling to restore their momentum following previous losses as a result of the crisis between Russia and Ukraine, Bitcoin investments and other cryptocurrencies experienced an upward trend.

After US President Joe Biden issued punitive penalties on Russia, crypto traders appeared to shrug off the impact of the Russia-Ukraine crisis. This action was taken in retaliation for Russia's actions towards Ukraine. Bitcoin has gained 10.88 percent in the previous 24 hours as of this writing. Ethereum, which is worth $2,624.82 and has gained 12.35 percent in the previous 24 hours, has also turned positive.

DogeCoin and Shiba Inu, two popular meme currencies, are also in the green, with positive trends of 10.19 percent and 9.96 percent, respectively, in the previous 24 hours.

Bitcoin suffered a plunge early this week, losing more than 8% of its value to $34, 702.18. This was the cryptocurrency's lowest point in a month.

Price fluctuations of Bitcoin, Ethereum and the rest of crypto market has grown more connected with movements in other risk assets such as equities as more traders and short-term investors enter the market. Since Bitcoin's close to $69,000 last year, cryptos have been under pressure. Bitcoin has since plunged to over 50% of its previous value.

In another Bitcoin review, the price drop might be linked to crypto miners in Kazakhstan opting to migrate due to power shortages and price increases. The miners have successfully relocated 30% of their equipment and are expected to set up camp in El Salvador, Dubai, Iceland, and other cold-climate locations.

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