Bitcoin has pumped to a high of $46,826. This is the coin’s highest price since January 1st of this year when it reached $47,686.
The breakout of Bitcoin can be linked to the socio-economics currently taking place in the world. With the war against Ukraine, crypto has become an outlet for war-torn victims who cannot safely use their fiat currencies.
Ukraine has been able to utilize the decentralized nature of cryptocurrencies to gain support for their country, compared to sites like GoFundMe where many pages have been blocked for violating their strict policies.
Despite Bitcoin being down over 30% from all-time highs, the coin has traded relatively stable in 2022 according to its historical price data. The relationship between Bitcoin and the S&P500 has hit a 17 month high, dictating the stability it has seen in comparison to other ‘stable’ investments.
