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Bitcoin pushes to highs amid Russian gas payment speculation
Pavel Zavalny, Chairman of the Russian Duma Committee on Energy, said Russia is ready to consider Bitcoin as payment for Russian fossil fuels Several major digital assets are at a level of technical resistance Crypto markets led by Bitcoin have been in a strong short-term uptrend this week, but some of the largest assets by market capitalization hit an area of major resistance on Friday, capped by the confluence of their 200-day exponential moving average price and previous ones Area highs. Bitcoin CME futures are up about 15% since the start of the week, at levels not seen since mid-February. If Bitcoin is the...
Bitcoin pushes to highs amid Russian gas payment speculation
- Pavel Zavalny, Vorsitzender des russischen Duma-Ausschusses für Energie, sagte, Russland sei bereit, Bitcoin als Zahlung für russische fossile Brennstoffe in Betracht zu ziehen
- Mehrere große digitale Assets befinden sich auf einem technischen Widerstandsniveau
Crypto markets led by Bitcoin have been in a strong short-term uptrend this week, but some of the largest assets by market cap hit an area of major resistance on Friday, capped by the confluence of their 200-day exponential moving average price and previous range highs.
Bitcoin CME futures are up about 15% since the start of the week, at levels not seen since mid-February. If Bitcoin ends the week above $43,000, it will be the first time since the end of September.
Renewed institutional interest is providing a tailwind, according to Noelle Acheson, Head of Market Insights at Genesis.
“This week alone we had statements fromBlack Rock,Goldman Sachsbridge water,Cowenand Virtu through crypto services and/or investments,” Acheson told Blockworks.
Acheson also points to the steady stream of large fundraising events in the crypto space, as well as an influx of new talent, including from traditional Wall Street firms.
Bitcoin has fluctuated between about $37,000 and $45,000 over the past two months, with long-term decreasing volatility that, like a tightly wound spring, typically triggers large price swings. In the five-day period, Bitcoin has not experienced volatility this low since October 2020.
Both Bitcoin and Ether bounced off their daily 200-EMA in midday trading on Friday.
A rise in Bitcoin interest rates
Bitcoin’s global open interest has reached over $13.5 billion for the first time since the beginning of the year across all exchanges.
"In part, this rise in interest rates is due to the resilience and liquidity of Bitcoin. However, a large part of it is also driven by the growing attention to BTC's role on the global stage, which is due not only to the war in Europe, but also to the extraordinary monetary policy framework that central banks around the world are trying to navigate." Acheson said.
The war in Ukraine has become a fundamental driver of price action for a different reason, Kevin Kang of BKCoin Capital told Blockworks.
“Russia’s Chairman of the Energy Committee [in the State Duma], Pavel Zavalny, showed his willingness to accept Bitcoin as payment for energy exports,” Kang said.
Zawalny's comments came in a Video interview with RIA Novosti a Russian state television channel earlier this week, which were shared widely on Twitter and picked up by Western media including CNBC and that BBC.
There is no evidence that Bitcoin is actually used in this way, and Jerry Brito, executive director at CoinCenter, questions its importance, Note on Twitter “The reference to Bitcoin was clearly a throwaway line.”
Kang also pointed to positive news about Bitcoin mining by major energy companies.
"Exxon [is] using excess gas to mine Bitcoin. This is big because Exxon could lead other energy producers to do the same," Kang said.
Morgan Chittum provided additional reporting for this story.
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The post “Bitcoin Pushes Range Highs Amid Russian Gas Payment Speculation” is not financial advice.