The technical pattern for Bitcoin suggests that the largest cryptocurrency in the world is heading to a brighter future. This pattern, known as the reverse head and shoulders is often seen to indicate a change in trend. According to the study, a target of $53,000 could be set for the token. This is slightly more than Tuesday’s increase of 3%. If the reverse head and shoulders are broken at approximately $44,600, the target would be about $53,000.
Bitcoin is allowed to be used in Russian regiments and rules
(Reuters) Europe’s looming laws and tensions could be clues to two questions. Can Russia become a crypto superpower in the future?
For now, the answer to the first is no. While fortress gold has increased 2.3% in the past week, while Western warnings of Russian aggression have intensified bitcoin’s decline by 3%. This was more than the 0.9% drop in the Nasdaq Composite Index.
Chris Weston, Head of Research at Pepperstone, a Melbourne-based brokerage, said that he doesn’t see any evidence that bitcoin is a safe haven. “The Ukraine-Russia situation is very difficult to price so you can just buy crude futures in that situation.
It’s still too early to dismiss the arguments of many bitcoin advocates, who argue that the cryptocurrency is just entering its teens and should be considered a form digital gold. This will allow it to retain its value even if other risky assets like stocks fall.
Although bitcoin has fallen to $42,000 in the last days, it still has all of its gains from Jan. 24, when it was at $32,950.
Investors also note how calm trading was during high geopolitical tension. Russia has gathered more than 100,000 troops close to Ukraine. However, they reject the Western threats of invasion as ‘hysteria.
Bitcoin’s average 30-day volatility has fallen to 3.48%, versus its 2021 average of 4.56%, according to BuyBitcoinWorldwide’s volatility index.
The Coinglass bitcoin Fear & Greed Index, which measures market sentiment – 0 is extreme fear, 100 extreme greed – currently stands at 46. It’s above the nervy 11-13 range where it was trading since November.
Matthew Dibb is chief operating officer at Stack Funds, a crypto platform based in Singapore. He said he is bullish on crypto longer-term as an alternative asset and a hedge against world events – ‘But, not quite yet.
He said that there is a discrepancy between bitcoin and the equities markets, which is very encouraging. “But, while we are seeing traditional safe havens popping off in the Ukraine and Russia situations, we haven’t seen that in crypto.
SUPERPOWERS IN CRYPTO
In the meantime: Russia’s new law on crypto assets could have a significant impact on the global scene.
Russia’s interest in cryptocurrency has grown over the past year, following a ban on Bitcoin mining in China. China was once the dominant center for the activity and miners began to look for other options.
According to data from Britain’s Cambridge Centre for Alternative Finance, Russia was the third-largest bitcoin mining location in the world.
The United States is the country with the highest mining share, accounting for 42.7% of global ‘hashrate’. This refers to computing power used by bitcoin-connected computers. Russia and Kazakhstan are next at 18.1% and 11.2%, respectively.
Industry watchers think Russia may have overtaken Kazakhstan since then, as Kazakhstani miners have had to contend with the government’s internet shut downs during unrest this past year.
However, it is not clear what Russian regulations will be.
Authorities said last week that they were developing rules to allow cryptocurrency purchases, but only through licensed and registered local companies. After the January ban by the central bank on the mining and use of cryptocurrency, industry players saw this as a positive step.
Russian Deputy Finance Minister Alexei Moiseev stated Monday that it was essential to ensure that crypto transactions and money flows can be tracked, as well as being able identify users. This could reduce one of the key selling points of cryptocurrency, their anonymity.
Reporters were also informed by Moiseev that only banks and exchanges would be allowed to enter the Russian market if they comply with anti-money laundering laws.