Bitcoin hits $41k as Russias war in Ukraine continues - BitcoinEthereumNews.com
As the war in Ukraine continues, Bitcoin and the rest of the crypto market, including Ethereum, has been highly correlated to the traditional market. With the S&P 500 and Nasdaq opening cautiously upwards, bitcoin has once again spiked and is trading above $41,000. The correlation to traditional markets seems broken, at least for the moment. According to data analysts Santiment, Bitcoin has remained closely pegged to the equities market, as traders await a breakout sign. The latest bitcoin market movements might be that sign, though it might be too early to say for sure. Generally speaking, though there are several positive signs of the adoption and development of Bitcoin and other cryptocurrencies, the war, and the traditional markets reaction to it, is obviously setting the mood and sentiment in the crypto community as well. Traders polarized with the war According to Santiment, Bitcoins token circulation hit a 9-month high, revealing just how polarized traders have become with the war. This circulation spike is similar to what we saw on the so-called Black Thursday in March 2020 at the begining of the pandemic, when crypto traders sold at the bottom. Last week, as Bitcoin prices bottomed out at $34,700 with Thursdays war news, whales have made