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The global crypto market capitalization touched $1.9 trillion today, following a 12% surge over the past 24hrs. Meanwhile, total crypto trading volume gained 34% to $109.19 billion.
Crypto assets saw remarkable uptrends early on Tuesday amid the ongoing war between Ukraine and Russia. Meanwhile, massive sanctions by the US and EU weigh down on the Russian economy.
Today’s upsurges had top cryptos on an impressive performance. For instance, LUNA surged 24% to rank 7th by market valuation. AVAX followed with a 19% surge. Bitcoin experienced a 15% rise, while SHIB added 10%.
The global crypto market capitalization touched $1.9 trillion today, following a nearly 12% surge over the past 24 hours. Conversely, total crypto trading volume gained 34% to $109.19 billion.
Global News
Cryptocurrency funds witnessed net inflows over the last week. However, there were plain regional differences amid volatile sessions in the crypto space as Russia attacked Ukraine.
Crypto investment funds recorded outflows worth $59 million in Europe. Meanwhile, America saw inflows worth $95 million through the 25 February week. That is according to reports from CoinShares.
Ukrainian government uses donated crypto to buy crucial supplies, including food, military equipment, and gas. That comes as the nation fights the Russian invasion. Ukraine has spent nearly $10 million so far.
Expert Viewpoint
The crypto spectrum saw swift uptrends within the previous day. CoinDCX Research Team stated that traders unwinding short positions amid a short squeeze contributed to massive price surges. Meanwhile, Russians scramble to venture into cryptocurrency to protect wealth and circumvent stiff monetary controls by the Russian authorities.
Tech View
Bitcoin befuddle most investors within the previous few months. That was through violating multiple critical support floors and regaining them before losing again. Geopolitical tensions added fuel to the crypto volatility.
However, overnight sessions saw BTC climbing past $41K. That had the crypto breaking a critical 2021 September zone. It is a vital level and previous trend-line resistance at $42K. Bitcoin rallied to highs of $44K before easing.
Rejections here might send Bitcoin towards the $42K. Meanwhile, Bitcoin can climb towards $46K before dropping to $40K again. Meanwhile, the Ukraine-Russia crisis taking a wrong turn might see Bitcoin falling to $36K.
BTC Vital Levels
- Support levels: $43.4K, $42K, and $39.6K
- Resistance levels: $45K and $46K.
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