Bitcoin, Ethereum, Dogecoin Firmly in the Green: Russia’s ‘Oil For Bitcoin Plan’ Boosts Crypto, But Analyst Unsure of Long-Term Impact – Bitcoin – US Dollar ($BTC)

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Bitcoin and other major coins rose Thursday night as the global cryptocurrency market cap surged 2.9% to $2 trillion.

Price Performance of Major Coins Coin 24-Hour 7-Day Price Bitcoin (CRYPTO: BTC) 2.3% 7.4% $43,908.39 Ethereum (CRYPTO: ETH) 1.55% 10.4% $3,099.55 Dogecoin ( CRYPTO: DOGE) 4.9% 15.9% $0.135 Top 24 Hour Winners (Data via CoinMarketCap) Cryptocurrency 24 Hour % Change (+/-) Price Loop Ring (LRC) +27.6% $1.09 ApeCoin (APE) +18.7% $14.25 Axie Infinity (AXS) +14.3% $58.97

See also: How to buy Bitcoin (BTC)

Why it matters: Stock markets rose Thursday and the S&P 500 and Nasdaq ended the day higher at 1.4% and 1.9%, respectively. Equity futures hadn’t changed much at the time of going to press.

Cryptocurrencies remain aligned with stocks and the market was in the green at the time of writing.

Russian State Duma Chairman Pavel Zavalny said on Thursday that Bitcoin is being considered as an alternative payment method for Russia’s energy exports, according to a report by CNBC.

“Bitcoin got a boost after a Russian lawmaker hinted they could recommend Bitcoin for oil payments,” said OANDA Senior Market Analyst Edward Moya.

“However, using crypto to evade sanctions is not what the cryptoverse needs for long-term growth. Bitcoin should still be limited to its recent trading range until institutional traders decide to rotate out of stocks.”

On Thursday, Bitcoin surged above $44,000 for the first time in three weeks.

“Trade crowd plays a big role in what happens next” [BTC] and other assets are finally moving past a key resistance level, so we want the euphoria to stay low,” said a tweet from market intelligence platform Santiment.

#Bitcoin has risen above $44k for the first time in 3 weeks and is dancing around this level. The trade crowd plays a big part in what happens next $BTC and other assets are finally moving past a key resistance level, so we want the euphoria to stay low. https://t.co/oHuQGZsh4y pic.twitter.com/HqoQnQjlRK

— Santiment (@santimentfeed) March 24, 2022

Cryptocurrency trader Justin Bennett said Bitcoin was in the lower end of the $44,000-$46,000 resistance area.

“It doesn’t mean the rally is over, but I do expect this region to fight,” he said on Twitter.

This is the lower part of that $44-$46k resistance area.

It doesn’t mean the rally is over, but I do expect this region to resist.

— Justin Bennett (@JustinBennettFX) March 24, 2022

Read Next: El Salvador Uses Binance To Help With Bitcoin Adoption: What You Need To Know


This post Bitcoin, Ethereum, Dogecoin Firmly in the Green: Russia’s ‘Oil For Bitcoin Plan’ Boosts Crypto, But Analyst Unsure of Long-Term Impact – Bitcoin – US Dollar ($BTC) was original published at “https://www.benzinga.com/markets/cryptocurrency/22/03/26291630/bitcoin-ethereum-dogecoin-firmly-in-the-green-russias-oil-for-bitcoin-plan-gives-crypto-a-“

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