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Bitcoin has outflanked most conventional resource classes, including place of refuge government issued types of money like the Japanese yen (JPY) and Swiss franc (CHF), which are generally viewed as international supports.
It turns out that during times of crisis, cryptocurrency began to reveal its true nature, demonstrating that it is more than just another traditional asset.
Despite the fact that cryptocurrency markets initially experienced a slump, Bitcoin has held its ground.
When the Russian-Ukrainian conflict erupted, it sent shockwaves through markets: the S&P 500 and safe-haven fiat currencies fell, while commodities prices soared amid supply disruption fears.
The correlation between BTC and the S&P 500 index has begun to weaken, indicating that Bitcoin’s role as a safe haven asset is likely to come to an end.
Bitcoin trading volumes in both the Russian rouble and the Ukrainian hryvnia peaked almost immediately after the Russian invasion, highlighting the currency’s importance in these countries.
People in Russia rushed to the number one cryptocurrency and other digital assets as the Russian national currency fell and access to the greenback was restricted during the wave of global sanctions.
Even the Ukrainian government is accepting Bitcoin, Ethereum, and USDT donations, and has already raised more than $63 million.
Ordinary people in both Russia and Ukraine are turning to cryptocurrency as an alternative to financial institutions that limit their access to foreign currency and bank accounts. As a result, people seek an anonymous system free of government intervention.
Bitcoin trading volumes in both the Russian ruble and the Ukrainian hryvnia peaked almost immediately after the Russian invasion, highlighting the currency’s importance in these countries.
People in Russia rushed to the number one cryptocurrency and other digital assets as the Russian national currency fell and access to the greenback was restricted during the wave of global sanctions.
Even the Ukrainian government is accepting Bitcoin, Ethereum, and USDT donations, and has already raised more than $63 million.
Ordinary people in both Russia and Ukraine are turning to cryptocurrency as an alternative to financial institutions that limit their access to foreign currency and bank accounts. As a result, people seek an anonymous system free of government intervention.
Tumblers are services that mix streams of potentially identifiable cryptocurrency. They are not designed for large sums of money and appear to be slow.
Cryptocurrencies such as Bitcoin were designed to be neutral. They were created in such a way that no country, government, bank, or other institution could prohibit their use.
To apply pressure on Putin’s regime, the Ukrainian government has proposed prohibiting all cryptocurrency transactions from Russian citizens, regardless of sanctions. Most crypto exchange executives have objected to the idea, citing crypto’s roots in minimal state intervention.
Geo-blocking, on the other hand, may be imposed on exchanges by legal mandate from US or European authorities.
Given that Russia is ranked 18th in the world for crypto adoption, contributes 14% of total crypto market value, and is the world’s third largest Bitcoin miner, this would be a major blow to the crypto market. So let’s hope for a change of heart.
It should not be a matter of picking sides when it comes to who can use cryptocurrency – ordinary people in sanctions-hit Russia or war-torn Ukraine. Crypto exists to serve people, not governments. It lends a helping hand to anyone in need; it brings the world together; and it knows no nationality or borders. During times of war or crisis, when government institutions fail ordinary people, crypto reveals its true nature, which is a blessing for humanity.