Suggestions that emerged during the day that Russian President Vladimir Putin was willing to hold high-level talks with Ukraine had a positive impact on the Bitcoin and altcoin market. On the other hand, the US Fed’s announcement that it continues to evaluate cryptocurrencies seems to have eased the selling pressure. As Kriptokoin.com, we are transferring the details.
Bitcoin and altcoin market showing signs of resurgence
According to Chinese state broadcaster CCTV, Putin discussed future talks with his Chinese counterpart Xi JinPing during a phone call. The news could point to a possible de-escalation in the Russia-Ukraine war that has left global markets trembling this month. Altcoins like Ethereum and XRP hit double-digit gains as Bitcoin rose 10% to nearly $40,000. As a result of US sanctions against Russia, unable to shut off the country’s access to the global financial system, markets soared overnight. In his statement to Xi, Putin made the following statements, which resulted in the resurgence of the markets:
The United States and NATO have long ignored Russia’s reasonable security concerns, repeatedly backed down on their commitments and moved eastward, challenging Russia’s strategic bottom line. continued to advance military deployment. Russia is ready to conduct high-level negotiations with Ukraine.
On Thursday, Russian troops approached Ukraine’s capital, Kiev, despite ongoing clashes with Ukrainian forces. Russia’s action has drawn widespread condemnation from world leaders, as well as economic sanctions from Japan, Canada and the European Union. However, economists predicted that the sanctions against Moscow would have little economic impact. Still, the country is authorized to trade on SWIFT, a worldwide trading system that offers some solace to markets worried about the potential for wider economic consequences.
Fed renewed interest rate hike
In the statements made by the Fed during the day, it was announced in the half-year interest rate policy report that the interest rate hike would be implemented in the near future. Apart from that, the Federal Reserve Bank has publicly shared that it is in the process of assessing the risks of hedge funds and cryptocurrencies. With these developments, Bitcoin is approaching $ 39,500, while most altcoins, especially Terra (LUNA) with 20%, are making up for the losses of the last days.
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