Bitcoin bounces back to $38,000 after Biden addresses Russia-Ukraine conflict

President Biden issued a new round of economic sanctions Thursday meant to punish Russia for attacking Ukraine. The president also promised to send more forces to Germany to support the NATO alliance along the eastern flank. However, he also made clear that no troops would be sent directly to Ukraine to take part in the conflict.

Bitcoin responded immediately to the news. Sitting at $36,300 as of 2:02 PM EST, it moonshot to $39k exactly one hour later. Bitcoin has gained 10.55% after 24h and is trading at $38,737.