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Crypto: Bitcoin rallies 15%, analysts eye $50k as next resistance level

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Bitcoin has rallied about 15% in the past 24 hours, as the U.S. and its allies hit Russia with another round of sanctions in response to Moscow’s invasion of Ukraine.

The cryptocurrency
BTCUSD,
+3.64%

is trading at around $43,000, according to CoinDesk data. Ether gained about 11% over the past 24 hours, trading at around $2,900.

As bitcoin breaks above its previous resistance level of $42,500, it would target next resistance near $50,000 to $51,000, Katie Stockton, founder and managing partner at Fairlead Strategies, wrote Monday.

“As the West raises heavy sanctions on Russia including access to the SWIFT payments system, the use case for a decentralized channel for finance is perfectly presented,” John Kicklighter, chief strategist at forex platform DailyFX wrote in notes.

Bitcoin rallied on Monday as the S&P 500
SPX,
-0.24%

closed 0.2% lower.

Investors have been closely watching the correlation between bitcoin and the stock market. The crypto has been often trading in tandem with growth stocks during the past few months, challenging perception of bitcoin’s use case among some as a store of value.

The Ukrainian government is reportedly purchasing critical supplies using cryptocurrencies donated to the country, according to CoinDesk. Meanwhile, European Central Bank President Christine Lagarde on Friday called for regulations that prevent Russians to evade sanctions by using digital assets.

Read: Can Russia use cryptocurrencies to evade Western sanctions? Likely, to some extent, but it’s ‘very hard to do at scale,’ says one analyst

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