Bitcoin bounces back to $38k as Biden announces not to intervene Russia-Ukraine conflict

Bitcoin has quickly recovered to yesterday's highs following the US President's confirmation that he will not intervene in Defence with Russia. 

Bitcoin bounces back to $38k as Biden announces not to intervene Russia-Ukraine conflict

Bitcoin's value recently increased by $2500 within one hour in light of US President Joe Biden's comments on Russia's invasion of Ukraine. It's recovered to its price since before the market panic surrounding the war took place.

Yesterday, Bitcoin value decreased from $39k to $34,500 after Russian forces began attacking Ukraine's army infrastructure Over $400 million in liquidation took place following the crash. 

The entire crypto market had declined by $200 billion on the news, leaving it at just $1.6 trillion in total. 

President Biden declared that Russia's aggression "cannot go unanswered," and promised sanctions on four of Russia's giant banks from the US and western allies. also said they'd "limit Russia's ability to do business in dollars, euros Yen, and Pounds to be part of the global economy."

Furthermore, The president promised to send more forces to Germany to support the NATO alliance along with the eastern phase, also made clear that no army would be sent directly to Ukraine to take part in the war.

Bitcoin responded immediately to the news. Sitting at $36,300 as of 2:022 PM EST, it moonshot to $39k exactly one hour later. 

The president's comments were likely quite reassuring for Americans, who held momentary fears of an incoming WWLLL scenario. An Associated Press poll found that just 26% of the population supported playing a major role in the war. 

Bitcoin's price action in response to news of war may suggest that it's not a haven asset as many claims

Bitcoin's price now sits comfortably at about $38,400

Source: TradingView

Read: Bitcoin tumbles along with whole market following the Russia-Ukraine conflict