Why Bitcoin Sailed Higher on Sunday

Many investors are shedding the caution brought on by the war in Ukraine and its immediate economic after-effects, most notably a spike in oil prices. Such events tend to make many people nervous. When investors are nervous they tend to bail out of speculative assets and buy ones considered safer.
Now that the world has adjusted to the new reality, investors are plowing back into those more speculative plays. This positively affects the vast speculative grouping that is cryptocurrency.
Meanwhile, for Bitcoin specifically, there have been several bullish developments in recent days. Late last week, the head of Russia's State Duma committee on energy Pavel Zavalny said his nation might allow "friendly" countries to pay for its oil in cryptocurrency, specifically singling out Bitcoin.
The country, reeling from sanctions imposed over the war, recently announced it would execute such sales only in rubles.
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