(Bloomberg). — The cryptocurrency market is holding steady despite the Ukraine crisis showing no signs of abating. Western countries have imposed new sanctions against Russia following President Vladimir Putin’s refusal to end attacks on his neighbor. 

At 4:45 p.m. Hong Kong time, it was trading around $38,900. This is roughly the same price as when it began the weekend. The price briefly climbed to $40,000 Saturday. Ether fell 3.4% to $2,732.

After a 2.2% jump in global equity markets on Friday, crypto markets are now relatively calm. With Bitcoin’s correlation with stocks near a record high, the trading points to a steady open for Asian equities on Monday — barring a sharp escalation of tensions between Russia and Western countries.  

Western nations have launched a wide array of sanctions against Russia. One official from the United States suggested that additional penalties may be brought against Russia’s central banks this weekend. Meanwhile, Russia’s military progress in Ukraine has been slower than what it would have hoped for, Bloomberg News reported on Sunday. 

Cryptocurrencies also took North Korea’s resumption of missile tests in stride, even as South Korea’s government expressed “deep concern” about its neighbor’s move. 

The Most Promising Techs

Bitcoin remains well above the Jan. 24 low of $32,970 that strategists like JPMorgan Chase & Co (NYSE:).’s Nikolaos Panigirtzoglou have said pushed it into oversold territory. On Friday, Grayscale Investments said any rally in crypto prices in the face of a “bad news event” would indicate “seller exhaustion from the current crisis.”

Learn more: Ukraine Crypto Donations Come In After Russian Invasion 

Rick Bensignor of Bensignor Investment Strategies, a former strategist at Morgan Stanley, said that technical indicators are also promising. A “constructive rally” could push Bitcoin to the $50,000 to $55,000 level, he wrote in a note Sunday. “The stop-out is under the January low.”

Bitcoin’s hash rate, which is the computing power used to process transactions and mine them on the network, appears to have taken a blow from conflict. According to Blockchain.com data, Saturday’s rate was 173.8 million Terahashes per Second. This is down from the record 248.9 million Terahashes set on February 12.

“The Bitcoin hash rate has been decreasing as many miners across both Ukraine and Russia have been impacted by the Ukraine war,” said Hayden Hughes, chief executive officer of Alpha Impact, a trading social-media platform, in a message Sunday. “Some mining infrastructure is in conflict zones and has been shut off, and other miners have shut down and relocated from areas that are perceived to be possible future conflict zones.”

©2022 Bloomberg L.P.