Bitcoin price recently surged by $2,500 within an hour in light of US President Joe Biden’s comments about Russia’s invasion of Ukraine. It has now regained its price since before the market panic surrounding the conflict.

Yesterday, Bitcoin price dropped from $39,000 to $34,500 after Russian forces began attacker Ukraine’s military infrastructure. More than $400 million in liquidations occurred after the accident. The entire cryptocurrency market is down $200 billion on the news, leaving it at just $1.6 trillion in total. Today, President Biden announced that Russia’s aggression “cannot go unanswered”, and promised sanctions on four of Russia’s biggest US banks and Western allies. He said they would “limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.” The president also promised to send more forces to Germany to support the NATO alliance along the eastern flank. However, he also enlightened that no troops would be sent directly to Ukraine to participate in the conflict. Bitcoin immediately responded to the news. Sitting at $36,300 at 2:02 PM EST, it skyrocketed to $39,000 exactly an hour later. The president’s comments were probably quite reassuring to Americans, who had momentary fears of a World War III scenario. An Associated Press poll found that only 26% of the population supports playing an important role in the conflict. Bitcoin’s price action in response to the war news may suggest that it is not a safe-haven asset as many claim – but the CEO of CryptoQuant claims otherwise. Bitcoin price is now comfortably at around $38,400. Bitcoin/USD. Source: TradingView SPECIAL OFFER (sponsored)
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