China is considering joining a potential peacekeeping mission in Ukraine, which has sparked optimism about the prospects of reduced geopolitical tensions and increased investor confidence in cryptocurrencies like Bitcoin. The immediate market reaction suggests that traders are positioning themselves to capitalize on the potential for further price increases.
Trading volumes across multiple exchanges have surged, with the BTC/USDT pair on Binance seeing a 20% increase in trading volume to $22 billion, while the BTC/USD pair on Coinbase rose by 18% to $10 billion. Ethereum’s ETH/USDT pair also saw a significant increase in trading volume.
The market sentiment has shifted towards greed, with the Fear and Greed Index rising from 65 to 72. This is further evidenced by the increase in open interest in Bitcoin futures, which rose by 10% to $15 billion. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have also shown bullish signals.
Volume analysis indicates that the surge in trading volume was sustained throughout the day, with trading volumes remaining high on multiple exchanges. On-chain metrics, including the Bitcoin Transaction Count, have also continued to show positive trends.
While there has been no direct announcement related to AI on the day of the geopolitical event, tokens like SingularityNET (AGIX) and Fetch.AI (FET) remain stable despite the market’s focus on the news. The overall bullish market environment could lead to increased interest in AI-driven trading strategies, potentially boosting trading volumes in AI-related tokens in the near future.
Source: https://blockchain.news/flashnews/china-s-potential-involvement-in-ukraine-peacekeeping-implications-for-bitcoin