After Russia said they are considering using Bitcoin to accept as a payment method for their Oil and gas trades Cryptocurrency market had a significant bullish.
However, with many fundamentals market coins have reached a resistance level which they will be looking for a big uptrend.
So after a bad nightmare, the cryptocurrency market is looking green in a steady position. We all know after the last year’s all-time high Bitcoin prices collapsed on so many occasions.
Especially 2022 was not a good starting year for cryptocurrency. Bitcoin and the cryptocurrency market were influenced by so many fundamental activities. In the case of that market was going up and down with different fundamentals.
So now you can see the Bitcoin market is set up to bullish mode. The market is now touching the resistance level so if the market can break the level it might rocket up into a high position, But nobody knows what kind of fundamentals would affect it.
With the Pump of Bitcoin, many altcoins also have gained a bullish mode. Last week Bitcoin was trading around a price mark of $40,000 and it was unbalanced as sometimes it reached $38,000.
However, After Russia said that they are willing to accept Cryptocurrency especially Bitcoin as a payment method to their gas and oil Market had a significant appreciation.
This fundamental fact was able to give hope and a result to the tug war of Buyers and sellers recently the market had. So buyers reached it and the market reached the $44,000 mark. At the moment Bitcoin is trading at $44,503 with a market cap of $847 Billion.
When the Crypto king Bitcoin rises its fellow coin also follows the same flow. The second-largest cryptocurrency Ethereum also had the same happy face after moving to a great resistance level after a long time.
Well, you can see technically market is okay at the moment. Same as Bitcoin, Ethereum is looking for a bullish rally, despite Ethereum should break its resistance level.
Every crypto fanatic will see this as good technically looking market for both Bitcoin and Ethereum. Last week a lot happen in the world market which supported Cryptocurrency.
Especially the Russia and Ukraine war is still on the move but both Russia and Ukraine have been keen on cryptocurrency through their war struggles. Ukraine started accepting crypto donations making a huge noise across the world.
Especially when the Ukraine Bank system was down, Cryptocurrency was the only way to send and receive money. This made cryptocurrency more valuable.
With the western sanctions, Russia is suffering an economic crisis. They have their reserves but the sanction won’t allow them to use them. So many people think Russia is using cryptocurrency to escape those sanctions.
However Russian lawmakers said recently they are considering accepting Bitcoin for their Oil and gas trades. So it means if they are considering accepting bitcoin on trade transactions, it means the next step is accepting and legalizing cryptocurrency in Russia.
Now that will be a great impact on the market. However, the popularity of cryptocurrency has climbed to the next level. These kinds of things will surely make the market happy.
El Salvador has taken a giant step on Cryptocurrency. The Gulf region is keen on cryptocurrency. They are making laws and ecosystems via blockchain to expand their economy.
Gulf region giants Dubai and Bahrain were the first two gulf countries to do so. Now you can see Cryptocurrency is expanding through the world. Many countries have started to legislate Bitcoin, some governments are studying this matter.
So this might be the start for a great future of Bitcoin and other cryptocurrencies but who knows what will happen??? Let us wait and see, hope the market will continue its bull.
