Bitcoin Price Hits 40K But Market Starts Crash

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Even as markets tumbled on fears over rising oil prices, Bitcoin (BTC) climbed higher approaching the critical psychological level of $40,000, three days after losing ground.

The most valuable cryptocurrency by market capitalization was changing hands slightly above $39,000 at press time, after falling below $38,000 earlier in the day.

Brent crude hit a 14-year high of $139 a barrel on Monday, not far from the record high of $147 set in 2008.

Bitcoin unable to break the price barrier

Bitcoin failed to break above a major price barrier level early on Wednesday, despite mixed trading in traditional markets and indications of the next round of peace talks between Ukraine and Russia.

According to charting site TradingView, the largest cryptocurrency by market value hit daily highs at the 100-day moving average (MA) hurdle at $45,000 before pulling back to $44,000. The cryptocurrency was still up 28% from its one-month low on Thursday.

While other cryptocurrencies have followed a larger rebound rise alongside bitcoin’s comeback, the whole crypto market the value exceeded $2 trillion. Terra’s LUNA token, a programmable blockchain, hit a two-month high of $96, taking the weekly increase to 92%.

As inflation expectations soared and traditional markets weighed the potential for severe monetary tightening from central banks, the crypto rebound looked poised to continue rising demand from Russia and China. Ukraine. As S&P 500 stock index futures rose, European markets fell and the euro-US dollar exchange rate fell to its lowest level since March 2020. The European economy was expected to suffer a greater impact. heavy due to the conflict between Ukraine and Russia, and severe Western sanctions against Moscow, according to the markets.

Gold took a bullish break, while Oil, Industrial Metals and Grains re-entered the market, implying more inflation in the coming months. Despite this, money markets continued to reduce bets on monetary policy tightening from the Federal Reserve and the European Central Bank.

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