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Bitcoin Back Above $40,000 as Crypto Market Recovers $200 Billion

Bitcoin is currently trading above $40,000 for the primary time since February 20, consistent with data from CoinMarketCap.


Bitcoin is currently trading above $40,000 for the primary time since February 20, consistent with data from CoinMarketCap.

The flagship cryptocurrency's price of roughly $41,000 represents a near 5% jump within the last 24 hours, and a 7% rise during the last week—a period defined by market instability amid Russia's invasion of Ukraine.

Following Russia's invasion, which began on February 24, Bitcoin's price plummeted together with the remainder of the crypto market.

During the primary 24 hours of the conflict, the cryptocurrency market fell by roughly 5% to a figure of $1.6 trillion in capitalisation. In under half an hour, Bitcoin fell from $37,000 to below $35,500.

Of course, it had been not just the crypto markets that took a success. U.S. stock markets fell into correction territory, with the stock index Industrial Average dropping by 1.3%.

The recovery
Now, because the Western world unites in condemnation of Russia, and sanctions against the country tighten, markets are on the mend.

Just one day after the invasion of Ukraine began, Bitcoin rebounded by 7% to a price over $38,000. Notably, Bitcoin trading against the Russian ruble is currently at a nine-month high, per data from analytics firm Kaiko.

The broader crypto market also recovered well, with the cryptocurrency market cap hitting $1.7 trillion on the identical day. At the time of writing, the market's total market cap is $1.8 trillion.

Other top cryptocurrencies, like Terra and Solana, have likewise experienced significant rebounds. Terra is up 9.5% today, and Solana jumped nearly 8%.

Ethereum, the second largest cryptocurrency by market cap, has been slower to recover: ETH is up 3% on the day, trading at around $2,800. Binance Free $100 (Exclusive) : Use this link to register and receive $100 free and 10% off fees on Binance Futures first month.

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