Ukraine and Bitcoin

Bitcoin and other major cryptocurrencies remained under pressure due to the crisis brewing in Ukraine and the high U.S. inflation numbers released last week.

Ukraine and Bitcoin

The dollar index — a measure of the greenback’s strength against a basket of six international currencies — rose 0.27% to $96.04 on Friday after the United States said Russia had amassed troops on the Ukrainian border to launch an invasion, according to a Reuters report.

Ukraine and Bitcoin

Cryptocurrency trader Justin Bennett said that he was waiting for the dollar index to flash an “engulfing pattern.” This is a pattern that is made up of a smaller green candlestick followed by a large red candlestick that overshadows the smaller candlestick. It signals a downtrend.