Bitcoin in Green as Exchanges Defy Russia Ban Calls

Bitcoin in Green as Exchanges Defy Russia Ban Calls
  • Bitcoin saw an overnight surge of 15% from $37,000 to $43,500.
  • Indicators show that the crypto is not overbought.
  • This spectacle came as crypto exchanges defied calls to ban Russian users.

Bitcoin and many other altcoins have been witnessing gains despite market uncertainties brought forth by Russia’s invasion of Ukraine. In fact, from a bearish price of $37,600 to a hyper-bullish $43,500. This is a remarkable overnight surge of at least 15.5%, with no plans of stopping.

BTC/USDT 1-hr chart (source: TradingView)

As seen on the chart above, Bitcoin price reached as high as $44,180 at Binance. Also, the surge of buyers on crypto exchanges has helped Bitcoin rise above the 50-day and 200-day Simple Moving Averages (SMA) convincingly.

What is more, Bitcoin is still not overbought at this rate, as stated by the Relative Strength Index (RSI) at 59.

This spectacle became possible despite the invasion due to exchanges making assurances of open lines for Russian users. For instance, major platforms Binance, Coinbase, and Kraken resisted calls to stop their services to Russian users, citing that it would go against the very nature of cryptocurrency.

This came after Ukraine revealed that it will issue legal demands on exchanges to freeze accounts of Russian citizens. 

As a response, one representative of Binance said to CNBC:

“Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”

Aside from Bitcoin, many altcoins are also enjoying positive status. On the other hand, dollar-based stablecoins Tether, USD Coin, and Binance USD are in the red.

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