Bitcoin Is Nearing Last Week’s High of $45,700 As Russian Troops Leave Ukrainian Borders


Bitcoin (BTC) is getting closer to last week’s high of $45,700. The largest cryptocurrency by market capitalization surged 4.3% to $44,361.

It appears that news about Russian troops leaving the Ukrainian border comforted investors. However, funding rates on major exchanges are still below neutral this week following the geopolitical and macroeconomic concerns, according to crypto analytics firm Arcane Research. 

Nonetheless, the recent gains have helped Bitcoin recover. The market value of the cryptocurrency surged 39% at the beginning of January to the current 42.4% — the highest mark in four months, Arcan’s analysts explained.

In line with the rest of the digital assets market, ether (ETH) added 5.93% over the past day and is trading at $3,112. 

Among the best performers, today is Matic. The cryptocurrency powers Ethereum’s scaling layer Polygon. The digital token soared 9%. A few days ago, the layer two solution raised $450 million in its first big financing round from Sequoia Capital India, SoftBank Vision Fund 2, Galaxy Digital, and other major investors.

Meanwhile, the privacy-focused crypto Zcash is surging in a similar fashion. The project’s transition into the proof-of-stake model has helped the cryptocurrency secure some nice gains.

Among the laggards, the Huobi Token, a digital asset issued by the operator of the Huobi cryptocurrency exchange, Huobi Group, is showing modest gains of 0.36% over the past 24 hours.