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cryptocurrencies

Forex News February 14, 2022

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Cryptocurrencies

  • Hungary calls on the EU to prohibit the use of cryptocurrency.
  • Monetary policy tightening can harm all risky assets, including cryptocurrencies.
  • Bitcoin gained ground in the first half and middle of the week, testing the early January highs around $45,800. The scenario shifted on Thursday with the announcement of US inflation statistics, which updated the highest values for the past 40 years, and US market indexes plummeted. This had a detrimental impact for cryptocurrencies, which exhibited a strong link with other risky assets.
  • The Fed stated late last week that an unplanned meeting would be place today, February 14th. As a result of the meeting, the Fed may hike interest rates without waiting until March.
  • Hungary calls on the EU to prohibit the use of cryptocurrency.
  • Monetary policy tightening can harm all risky assets, including cryptocurrencies.
  • Bitcoin gained ground in the first half and middle of the week, testing the early January highs around $45,800. The scenario shifted on Thursday with the announcement of US inflation statistics, which updated the highest values for the past 40 years, and US market indexes plummeted. This had a detrimental impact for cryptocurrencies, which exhibited a strong link with other risky assets.
  • The Fed stated late last week that an unplanned meeting would be place today, February 14th. As a result of the meeting, the Fed may hike interest rates without waiting until March.
  •  The Bank of Russia revealed its intention to curb citizen participation in the cryptocurrency market. The Ministry of Finance, for example, recommended restricting the number of cryptocurrencies traded in Russia.
  • In general, Bitcoin gained 1.6 percent in the last week, finishing at roughly $42,200. For a week, Ethereum dropped 5.1 percent, while the other top ten altcoins lost 4.3 percent (Binance Coin) to 19 percent (Solana). The exception was the XRP cryptocurrency, which increased by 20%.
  • According to CoinGecko, the entire capitalisation of the crypto market fell by 1.5 percent over the week to $1.96 trillion. Because of the weakness of altcoins, the Bitcoin Dominance Index increased by 1% to 40.7 percent.
  •  

Russia

Russia is ready to open fire on foreign ships that enter its territorial seas unlawfully, according to IFAX, quoting a senior military officer. However, any decision to start fire would be made only at the ‘highest level.’

To be honest, the first few lines of the headline, “open fire,” were a little spicy. However, it appears that Russia is only defending itself in case other parties intervene.

The Kremlin argues that if Ukraine resigned NATO membership, it would greatly alleviate worries

 Remarks from the Kremlin Does not regard Ukraine envoy’s statements on NATO as an official shift in position, Says Putin and Germany’s Scholz will discuss Ukraine and security assurances

In any event, there hasn’t been much fresh news since the morning. Tensions have been high, and market anxieties have persisted for the most part.

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