The largest cryptocurrency by market capitalization was changing hands at $38,932 at press time, up 1.7% over the past 24 hours. Bitcoin ticked up slightly from early morning trading, which saw the cryptocurrency find support at the $38,400 price point.
- Bitcoin traders were monitoring the surge in oil prices along with the latest developments in Russia's war on Ukraine. Experts posit that the U.S. could turn to Venezuela or Saudi Arabia to alleviate soaring gasoline prices in light of the Russian oil ban.
- “BTC managed to turn against the tide, winning back the initial failure, despite the decline in stock indices,” said Alex Kuptsikevich, analyst at FxPro based in the UK.
- Traditional markets posted modest gains Tuesday with the S&P 500 index notching a 0.44% gain. The Nasdaq Composite also trended upward, gaining 1%.
- Crude oil prices rose 5% Tuesday.
- Bitcoin analysts say that while the largest cryptocurrency by market value is often seen as a hedge against higher consumer prices, it's also often viewed by many investors as a volatile and risky asset with a price that might fall if the U.S. Federal Reserve moves aggressively to tackle inflation.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.