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Bitcoin price reaction as Putin recognizes Ukraine separatist regions

By:
on Feb 21, 2022
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  • Bitcoin price swung heavily on events in Russia.
  • Russian president Vladimir Putin said Ukraine is part of Soviet Union, vowing to protect Russia territory.
  • Broader markets remain jittery, with Wall Street closing lower on Monday

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Bitcoin price fell from intraday highs near $39,500, breaching support at $38,000 and hugging the key demand area near $37,500. In the afternoon, BTC-USD saw fresh buying, rising above $38k to again come close to the earlier daily peak.

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The momentum however faded amid news out of Russia. It was the revelation that President Vladimir Putin was about to recognize two separatist regions of Ukraine as independent.

In a televised address, Putin said that Ukraine was part of communist Russia. He called it “madness” to have let the Soviet Union fall apart. And according to him, Russia holds the right to protect itself and its territory, with retaliatory measures if that’s what they have to do.

“Simply for our existence… we will never surrender our country,” Putin added.

With the move seen as a declaration of war, broader market reactions saw BTC prices fall again to lows of $37,700.

But Putin then ended his address without a word on the expected invasion of Ukraine. Even then, the geopolitical situation remains fluid and heavily weighing on investor sentiment.

Bitcoin price is back above $38k, currently hovering near the $38,200 level. A look at the broader markets shows investor jitters are strong, with US stocks indices all down at close on Monday.

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