Bitcoin has found temporal support at $39,000, but buyers have been scarce as the market enters into weekend price action. Uncertainty around macro factors seems to be growing with the Russia-Ukraine conflict contributing with the selling pressure experience by BTC and larger cryptocurrencies over the past days. Related Reading | Market Update: Crypto Market Rebounds As Tech firms Boycott Russia At the time of writing, Bitcoin trades at $39,168 with a 4.2% loss in the past 24 hours. The benchmark crypto saw some relief before the current downside action. Per a report from research firm Delphi Digital, Bitcoin activity boomed due to consequences of the Russian invasion of Ukraine. The United States, Europe, and the International Community decided to ban the Russian Federation from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the communication rails used by banks in the legacy financial system. Effectively, making Russia a financial outsider. As seen below, on March 1st, when the sanctions were announced, Bitcoin’s active supply saw it largest surged since May 2020. At that time, the start of the lockdown measures to prevent the spread of COVID-19 led global markets into a severe downtrend. This uptick in Bitcoin active supply could suggest buyers increased their holdings to hedge against future events. At the same time, as reported by Brian Armstrong and other crypto exchange CEOs, BTC and other...
