Bitcoin (BTC) tested its latest gains at the Wall Street open on March 1, when the bulls appeared to be defending the $44,000 highs.
BTC/USD hourly candlestick chart (bit stamp). Source: Trading View
Bitcoin weekly growth rate is 17%
It followed data from Cointelegraph Markets Pro and TradingView BTC/USD as it fell from the local high of $44,980 on Bitstamp at the open.
The second trading day in the wake of the armed conflict in Europe, March 1, continued in a surprisingly cold phase for US stocks, with only oil showing the spillover effects of the Ukraine war.
On the other hand, Bitcoin held onto most of its rally, which resumed in earnest on March 1. Compared to the same period last week, the BTC/USD exchange rate is up 17% at the time of writing.
And the popular DonAlt Twitter account summed it up in a post about lower timeframes: “Forty-four thousand dollars have been checked a million times, and I don’t want to take it for granted.”
“Good $40K support if we fall unexpectedly.”
Thus, Bitcoin has improved its image as a potential safe haven in times of conflict, compensating for initial losses when the situation in Ukraine began to unfold late last week.
“Bitcoin has established itself as a safe haven in times of global uncertainty. It has outstripped all other asset classes after the invasion of Ukraine,” said Charles Edwards, founder of Capiole Cryptofund.
At the time of writing, BTC/USD is down towards the $43,600 area, which was previously identified by analyst Nebrascan Guner as a necessary area to hold until the end of the day.
Smaller cryptocurrency wallets are starting to break records
Private activity related to Bitcoin and Ether (ETH) wallets continued to grow.
Related: $300M Crypto Liquidation Comes as Bitcoin Rise to $44,000
Smaller ETH addresses with at least 0.01 ETH addresses and BTC with 0.1 BTC reached all-time highs, according to data from analysis firm Glassnode.
As of March 1, 21.9 million wallets of 0.01 ETH and 3.35 million 0.1 BTC have been discovered.
