Crypto Market Rebounds after Bitcoin touched $39K mark making the Traders Believe that the Initial Panic is over
“The Russian invasion into Ukraine caused economic breakdown throughout the world and crypto was no exception. The crypto market plummeted sharply on 23rd and 24th February after the World War 3 panic crept into the minds of the traders and investors but markets rebounded after the US President’s address to the nation that America will not indulge in war.”
The world can breathe a sigh of relief as the probability of world war 3 has been lessened after the American President’s address to the nation that the US will not indulge in war and the only option available is economic sanctions. Earlier the Russian invasion into Ukraine sparked a huge uproar among the NATO nations and the US which created a panic among the traders and investors that led to a huge sell-off and resulting the Bitcoin dipping to $34.5K. As the Russian Army captured most of Ukraine in its first day of the invasion, the panic seems to subside and the market has rebounded quickly.
Bitcoin jumped to $39K and at the time of writing it is exchanging hands at $38.5K which is more than 10% gain in the last 24 hours. Certain altcoins also jumped along into double digits. The experts believe that the sudden rebound is a result of subsiding of the initial panic among the traders and the investors and Bitcoin can reach the $40K mark in the short term. Though, other macro factors such as Fed interest rate hike is still on the cards and until that clears out on 16th march, the market is expected to move between the 35K to 42K range before rising higher.
The fear and greed index also saw an increase in value to 27 (Fear) from 23 (Extreme Fear) since yesterday depicting that the initial panic that was set in is now subsiding.