Digital Banking
Bitcoin recovers following Ukraine invasion
February 25, 2022
Bitcoin and cryptocurrencies in general dropped significantly in value on Thursday following the Russian invasion of Ukraine. However, bitcoin has begun to recover from that initial drop, according to a report by CNBC.
Bitcoin's value fell to around $34,000 on Thursday as investors sold off around $150 billion in cryptocurrencies on Thursday. Today, its value is back up to around $39,000.
"Given, the situation unfolding in Ukraine, market participants generally went short BTC [bitcoin] to protect downside risks. This was defensive positioning essentially," Vijay Ayyar, VP of corporate development and international at Luno, said in the report. "What we're seeing now is the market unwinding and shorts closing positions."
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