With BTC returning above $40,000 on Wednesday, it is currently in the upper bounds of the $33,000-$44,000 window that it has been trading within since early January.
There have been a few minor surges and crashes in that time, driven by major geopolitical events like Russia’s invasion of Ukraine, though a long-term trajectory is yet to emerge.
The broader cryptocurrency market has largely mirrored bitcoin’s price movements, though some leading cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Solana (SOL) have suffered slightly heavier losses as investors turn to the more risk-averse bitcoin.
Bitcoin’s emerging role as a store of value during times of geopolitical and economic uncertainty was boosted by the European Parliament’s decision on Monday to not ban crypto mining, as well as US President Joe Biden’s executive order last week encouraging innovation and development in the space. Elon Musk has also said he will not sell his holdings.
Read full story on The Independent