Bitcoin climbs to $44,000 as events in Canada push BTC up 6 percent

 

Canada plans to monitor crypto transactions as well, unwittingly sparking a stronger surge among cryptocurrencies.

Bitcoin ( BTC ) is up on February 15th. There was an abrupt change in direction as it fell towards $40,000 . 

RSI with classic bull signal

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD surged above $44,000 quite quickly on Tuesday night.

There was also a classic RSI breakout, this time on the 4-hour timeframe that preceded this rise. The pair is up 6 percent from Monday's low .

"I think these are the first signs of a trend break," popular Twitter trader Phoenix commented on the day .

He added that it is "absolutely crucial" to reach and hold $45,000 as it is last week's high.

There seems to have been an external trigger for this upswing. In the course of the current protests by the Canadian Freedom Convoy, the government announced that it intends to extend anti-money laundering surveillance to crypto transactions .

"These changes affect all forms of transactions, including digital assets and cryptocurrencies," Canadian Deputy Prime Minister Chrystia Freeland told a news conference.

The protests have long been a hotly debated topic in bitcoin and crypto circles amid the highly controversial actions of crowdfunding platform GoFundMe and the subsequent hacking of GiveSendGo, the alternative way to send donations to protesters.

As with Russia's controversial ban on the use of cryptocurrencies last month, the ultimate impact on Bitcoin has been far from negative.

Meanwhile, bitcoin services continue to support this protest movement, including open-source payment provider BTCPay.

"Use unstoppable money, then you can ignore all their orders and live freely," said Robert Breedlove, host of What Is Money? -Podcasts summarised .

Altcoins are moving again

There was also an upswing for the altcoins, which hardly moved at all on Monday.

As Bitcoin surged, Ether ( ETH ) was also up nearly 8 percent at press time.

Among the top 10 cryptocurrencies by market cap, Binance Coin ( BNB ), Solana ( SOL ) and Avalanche ( AVAX ) all saw similar gains.

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