Bitcoin has been moving sideways during the past week with a 0.7% profit as it trades at $42,709. The first crypto by market cap has held on to critical support as it was rejected at the mid area of its current levels. Related Reading | Ukrainian Defense Efforts Bolstered By Crypto Donations Per a recent report from Bitbank’s crypto analyst, Yuya Hasegawa Bitcoin has seen selling pressure triggered by the possibility of a shift in monetary policy from the U.S. Federal Reserve (FED). In addition, the crypto market could be reacting to the rise in tensions around the Russia-Ukraine situation. The Russian Federation has been making several bullish announcements regarding cryptocurrencies, but as Hasegawa claims, the country could be preparing to use digital assets in case the situation escalates into a full-on conflict with Ukraine and a NATO intervention. The analyst said: (…) this move may be a crafty preparation to circumvent the possible financial sanction–like exclusion from the SWIFT–that could be enforced once the country starts to attack Ukraine. If this is the case, it could be bad press for bitcoin and the crypto industry as a whole, and it might spark a discussion to further regulate cross-border crypto payment. In this scenario, Bitcoin could extend its gains as investors acquire the cryptocurrency and precious metals to protect their wealth. However, any profits could be short-lived if the Russian-Ukraine situat...
