As geopolitical parameters improve, Bitcoin bulls appear to be awakening.
Crypto investors are virtually going long on reports that Joe Biden has agreed “in principle” to meet with Russian President Vladimir Putin in what could be a last-ditch diplomatic effort to resolve tensions surrounding Ukraine and avert a Russian invasion.
At the time of writing bitcoin was trading at around above $39K, as its market valuation stood at $741 billion.
In an interview on Sunday night, U.S. press secretary, Jen Psaki said the meeting between the two world leaders would follow a meeting between Secretary of State, Antony Blinken and his Russian counterpart, Foreign Minister Sergey Lavrov. The meeting will take place later this week.
Psaki emphasized that this agreement is subject to Moscow abstaining from an invasion.
Psaki said in a statement that the president repeatedly said diplomacy would continue until an invasion occurred. Upon completing the engagement with President Putin, Biden agreed in principle to meet him, assuming there is no invasion. “Diplomacy remains our top priority.”
Prior to the recent price recovery, Bitcoin fell below $40,000 and continued to fall amid growing tensions on the Ukraine-Russia border and continued inflationary fears. Most other major crypto assets declined as well.
Investors may have also retreated from crypto because of an exploit of OpenSea, the leading NFT platform.
$40k has been a very critical level for Bitcoin over the last year. We’ve seen a large rally to the upside every time the price broke below and then reclaimed it. This could be an important area to watch at the moment.
