Express

Bitcoin over $44k as Russian Rumors Swirl of Accepting BTC for Energy

Tyler Irvin

Summary: Bitcoin has hit a local high of $44k, according to Bitpush Terminal data, and is in bullish territory being above the 50-day and 100-day moving averages. The bullishness around Bitcoin and its recent push towards $44k could be a direct result of rumors circulating suggesting that Russia could accept BTC for energy exports in the ...

Bitcoin has hit a local high of $44k, according to Bitpush Terminal data, and is in bullish territory being above the 50-day and 100-day moving averages. The bullishness around Bitcoin and its recent push towards $44k could be a direct result of rumors circulating suggesting that Russia could accept BTC for energy exports in the future. 

Screen Shot 2022-03-24 at 10.34.01 AM.png

The King of Crypto is back after rising above $44k moments ago, which was last witnessed at the beginning of this month. John P. Njui, crypto journalist notes the bullish momentum could stall out as the daily MFI and RSI are in rather overbought territory at values of 71 and 62 respectively. 

On the other hand, Bitcoin might have a chance of hitting the 200-day moving average at about $48k in the coming days. 

CTO Larsson, a key technical industry advisor and creator of the Larsson line, suggests that BTC is making a run at an ascending triangle breakout, in a tweet on Thursday. 

Screen Shot 2022-03-24 at 10.12.02 AM.png

To understand this surge in BTC’s price, we have to look at Russian rumors as a possible cause. 

Pavel Zavalny, Chairman of the Committee of State Duma of the Russian Federation on Energy,  mentioned Bitcoin as an payment option for countries still interested in buying Russian energy at a press conference. 

"If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us," said Pavel Zavalny, according to a translation of his comments. "The set of currencies can be different and this is normal practice, you can also trade bitcoins.” 

This comes in response to economic sanctions that are limiting virtually all trade with Russia and after seeing millions of dollars in donations go to Ukraine in the form of cryptocurrency. 

At the time of writing, there have been no confirmations of Russia actually accepting cryptocurrency, but the possibility is still very real. If it does happen, Bitcoin and other cryptocurrencies will receive serious scrutiny after US legislators have already raised concerns of BTC being used by Russia to circumvent trading sanctions. 

This announcement comes a week after former BitMex CEO, Arthur Hayes, predicted Bitcoin to eventually go up to $1 million after the sanctions on Russia. 

Hayes.png 

Author: Tyler Irvin

Last Update:

Tags: ,
Link: Bitcoin over $44k as Russian Rumors Swirl of Accepting BTC for Energy   [Copy]
  • Bitcoin Surges to New Highs, Momentum Points to Further Gains 3 days ago
  • Circle Intensifies Stablecoin Push with Key Exchange Partnerships 4 days ago
  • Trump's "Big and Beautiful" Bill Passes: Biden and Harris Criticize, Financial Expert O... 10 days ago
  • Silicon Valley Giants, Trump Ally Launch 'Crypto Bank' Erebor, Aiming to Fill SVB Void 11 days ago
  • From Data Rights to Digital Property: Whistleblower Brittany Kaiser on Blockchain, RWA,... 17 days ago
  • You need to login to comment.