The price of BTC (BTC), has shown a significant recovery from the recent slump, and now trades at $41,185.39. The top crypto has traded above the $40K mark for the first time since 20 February. BTC’s current price represents an increase of around 5% over the past 24 hours and a 7% rise in the last week. This is despite the market instability caused by Russia’s invasion of Ukraine.
BTC’s initial price collapsed along with the rest on the market shortly after the February 24th invasion. To reach a market cap of $1.6 trillion, the entire crypto market contracted by around 5 percent. BTC fell from $37,000 to below $35,000. This happened in just half an hour.
The Eastern European showdown also had an impact on stocks, where the Dow fell 1.3%. Oil prices rose to levels not seen for a while. Brent crude, for example, reached a peak of $100 at first.
Many affected markets have entered a phase of recovery following the West’s increasing sanctions against Russia.
At press time, the total crypto market value stands at $1.8 trillion.