The price of Bitcoin (BTC) has recovered substantially from its recent slump and is now trading at $41,185.39. This marks the first time since February 20th that the leading crypto is changing hands above the $40K threshold. Furthermore, BTC’s current price level represents a jump of approximately 5% in the past 24 hours, and a 7% climb in the last week. Notably, this comes amid the current market instability triggered by Russia’s recent invasion of Ukraine.
Shortly after the invasion on February 24th, BTC price initially flopped along with the rest of the market. The entire crypto marketplace contracted by around 5% to a total market cap of $1.6 trillion. BTC alone slid from $37,000 at the time to below $35,500 in less than half an hour.
Other markets to be impacted by the Eastern European showdown included that of stocks – the Dow dropped by 1.3%. Furthermore, the prices of commodities such as oil soared to heights not seen in a long while. For example, the Brent crude initially surged to a price level of $100 for the first time since 2014.
Many of the affected markets entered a recovery phase following the growing sanctions imposed on Russia by the West.
As of press time, the total value of the crypto marketplace stands at $1.8 trillion.
Image Credits: Pixabay
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