Jump to content

Bitcoin (BTC) Update: Ukraine Joins Russia in Legalizing Bitcoin


Recommended Posts

RUSSIA, UKRAINE AND BITCOIN ANALYSIS:

  • Ukraine legally adopts cryptocurrency weeks after Russia did the same
  • Russia-Ukraine tensions heat up amid skirmish – BTC drops to support
  • Key (BTC) technical levels analyzed
Bitcoin (BTC) Update: Ukraine Joins Russia in Legalizing Bitcoin

UKRAINE LEGALIZES AND REGULATES CRYPTOCURRENCIES

Yesterday, the Ukrainian parliament enacted a law to legalize and regulate cryptocurrencies. Previously, cryptocurrency transactions operated within a legal grey area. The timing of the legislation appears rather interesting considering Russia voted to do the very same just weeks earlier, however, the bill was set in motion in 2020 and now heads to the president’s office.

CRYPTOCURRENCY DIPS AS GEOPOLITICAL ESCALATIONS HEAT UP

Bitcoin approached 45,000 but sold off on Thursday after news of a flare up in eastern Ukraine hit news wires. Bitcoin, like many risk assets, remains highly reactive to the news flows out of Ukraine and remains one of the most speculative ‘assets’.

 

Typically, Bitcoin has performed well when the stock market (S&P 500) was booming. Now, as global monetary policy normalizes and equities fail to show any signs of reaching new highs, bitcoin looks to be following suit.

Bitcoin 4-Hour chart

Bitcoin (BTC) Update: Ukraine Joins Russia in Legalizing Bitcoin

Source: IG, prepared by Richard Snow

Yesterday’s drop settled at the 40k mark and trades slightly up at the time of writing. Should the sell-off continue, the nearest level of resistance appears at 39,600 before 37,325. Bullish momentum faces many challenges including the latest developments in Ukraine and the zone of resistance between 41,500 and 42,500. A break above the zone brings 40k and 45,650 into focus as levels of resistance.

Bitcoin Daily Chart

Bitcoin (BTC) Update: Ukraine Joins Russia in Legalizing Bitcoin

Source: IG, prepared by Richard Snow

 
 

--- Written by Richard Snow for DailyFX.com. 18th Feb 2022

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      20,112
    • Total Posts
      88,194
    • Total Members
      69,106
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    CJ-TradingFloor
    Joined 05/10/22 10:26
  • Posts

    • Hi What are the ways to deal shares with IG and what are the commission/costs for share dealing.   Thanks
    • Hi @Ptuh Welcome to IG community. What type of trader are you? Scapler, day trader, swing trader, position trader, algorithmic trader or event-driven trader? To answer your question, you can have a look at this member's recent posts on trading strategies: Top 5 Intraday trading strategy for financial freedom The Fibonacci MACD Trading Strategy Another source that can assist with your trading strategy is this article by our Senior Market Analyst: How to trade SA40 Index   All the best, OfentseIG
    • CSX Corporation, Elliott Wave Technical Analysis CSX Corporation, (CSX:NASDAQ): Daily Chart, October 5 2022,  CSX Stock Market Analysis:Moving as expected, at this point we are looking to see how wave{iv} is going to unfold. Given the fact that wave {ii} was sharp I will be looking for more of asideways correction. CSX Elliott Wave count: {iv} of C CSX Technical Indicators:We are below all averages CSX Trading Strategy: Looking to short on wave {iv} ideally the 20EMA(red line) will also turninto resistance. TradingLounge Analyst: Alessio Barretta       CSX Corporation, CSX: 4-hour Chart, October 5 2022 CSX Corporation, Elliott Wave Technical Analysis CSX Stock Market Analysis: From this lower timeframe view it appears we have just started wave(a) of {c} and many times after a sharp wave (a) we fall into a sideways correction. CSX Elliott Wave count: (a) of {iv}. CSX Technical Indicators:We have just touch the 20EMA where we could start to pullback from. CSX Trading Strategy: Looking for shorts from a significant Fibonacci level.
×
×
  • Create New...