Investing.com – Bitcoin, Ethereum and Solana collectively recovered from their recent slump on Friday, February 25, 2022. Bitcoin is up 12.40% to $39,618, while Gold gains 15.25% to 2727 dollars and the climb of 14.33% to 91.60 dollars.
Bitcoin benefits from lower interest rate outlook
The start of the Russian invasion of Ukraine yesterday led to a massive drop in bitcoin and all other cryptocurrencies. But as of Thursday evening, a strong recovery began, going from 36,000 dollars to more than 38,500 dollars, and being accompanied directly by a rise in .
The background to this community bull run is the fact that the Fed’s interest rate expectations have changed. No one now believes in a 50 basis point rate hike in March. In addition, expectations for the number of interest rate hikes this year are being revised downwards.
Ethereum: Russian oligarchs bet on crypto
Ethereum fell with the start of the war between Ukraine and Russia, just like other cryptocurrencies. But according to data from Santiment, whales are benefiting from falling prices. They showed a activity five times larger than usual in the cryptocurrency markets.
Among the whales, there could be one or another Russian oligarch trying to protect his foreign fortune from sanctions. The interest of the Russian financial elite in cryptocurrencies is not new. Oleg Deripaska, founder of Russian industry group Basic Element, has been asking the Russian central bank for some time to accept cryptocurrencies.
Ethereum founder Vitalik Buterin has strongly condemned Russia’s attack and although he himself was born in Russia, he wants Ukraine to emerge victorious from the battle. At the same time, he points out that Ethereum is neutral, corn that he is not.
Solana: the trendline is tested again
Solana may have recovered from the recent low in the $75.69 area, but another break below the descending trendline is already looming.
If this cannot be used as support, expect losses towards the $81.20 support and the recent low.
The high of $92.85 offers immediate resistance though, followed by the 23.6% Fibo retracement at $99.33.
By Marco Oehrl
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.