Market

Bitcoin Climbs Above $41,000 for the First Time in Almost Two Weeks

Bitcoin (BTC) broke through $40,000 again yesterday, February 28, even bitcoin surged above $41,000 after being rejected at a similar level over the weekend.

Bitcoin surges above $41,000 for the first time in almost two weeks

This major breakout comes on a breakout day for both BTC and the broader crypto market, with most coins in the green over the past 24 hours.

As of 16:43 UTC, BTC stands at $41,133, up 5% in the last 24 hours and up almost 7% in the last 7 days. Ethereum (ETH) is trading at $2,825 and is up 2% in a day and 7% in a week.

The strong move for BTC comes as the US stock market opens after the weekend on Wall Street, with the S&P 500 index only slightly down from Friday’s close.

Higher gains for Bitcoin come despite significant geopolitical tensions between the West and Russia over the war in Ukraine. War-related sanctions have sent the fiat currency of the Russian ruble into freefall against the US dollar. Meanwhile, some Russians are expressing interest in Bitcoin and USD-pegged stablecoins to protect their savings.

“If the Russian people had largely understood that sanctions could be avoided with bitcoin, we could have seen the price surge now.” Mati Greenspan, founder and CEO of Quantum Economics, said in a note yesterday ahead of the recent price hike.

“Maybe that’s a sign that we’re still too early,” he added.

Meanwhile, reports also surfaced in Europe on Monday afternoon that talks between Russian and Ukrainian officials have ended and delegates will now return to their capitals for further consultations ahead of the second round of negotiations.

Popular crypto trader Crypto Ed commented on the current state of the bitcoin market on Twitter, saying he is “confident” that BTC will rally to $42,000, which he sees as the next natural area of resistance.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.