BTC price prediction: how will the Russia and Ukraine conflict impact its value?
- BTC’s trading volume saw an increase of 44% in the last 24 hours.
- Mexico announced that it would accept Bitcoin.
- The Russia and Ukraine conflict has rocked the crypto market.
There have been numerous developments surrounding the Bitcoin BTC/USD cryptocurrency token as of lately.
Due to the fact that it is one of the largest tokens in terms of market capitalization, it is expected to have a lot of value swings during real-world developments.
In fact, Bitcoin fell as low as $34,337 after Vladimir Putin’s push towards demilitarizing Ukraine started with a barrage of missile attacks on Thursday.
However, there have been other developments within Bitcoin’s sphere, specifically, acceptance in Mexico.
Mexico proposed bill for Bitcoin as a catalyst for growth
On February 24, Kazakhstan shut down 13 crypto mining firms for illegal operations.
Another country besides El Salvador is prepared to accept Bitcoin as a means of payment.
Specifically, Senator Indira Kempis is in the process of developing a bill on cryptocurrencies which has the main goal of convincing the Mexican government to follow what is known as the “Salvadorian scenario” by recognizing BTC as a means of payment.
Should you buy Bitcoin (BTC)?
On February 24, 2022, Bitcoin (BTC) had a value of $35,572.77.
To truly see what this value point indicates for the BTC cryptocurrency token, we will be looking at the token’s all-time high value, alongside the performance the token showcased throughout the span of the previous month.
The all-time high value of Bitcoin (BTC) was on November 10, 2021, when it reached a value of $69,044.77. This gives us an indication that at its ATH, the token was $33,472 higher in value or by 94%.
When we go over the token’s performance throughout the previous month, Bitcoin (BTC) had its highest point of value on January 2, 2022; then, it reached a value of $47,730.23.
The lowest value the token decreased to throughout the month was on January 24, when it saw a value of $33,495.91.
This marked a decrease in value of $14,234.32 or by 30%. However, from January 24 to February 24, BTC is still $2,076.86 higher in value or by 6%, despite its recent decrease in value.
This still puts BTC at a solid price for purchase, as it can get back up to $38,000 by the end of March 2022.