Russia-Ukraine Crises and Cryptocurrencies
Today’s article shows the impact of a full-blown war between Russia and Ukraine on the Crypto. Bitcoin’s Prices are volatile but spiking amid the Russia Ukraine conflict that twitter is calling World War 3, We are seeing the History Rolling before Our Eyes.
If you want A brief on the crisis, here it is-
After the collapse of the Soviet Union in 1991, East European countries, including the likes of Estonia, Poland, and the Czech Republic, moved away from Russia’s Sphere of influence and Joined NATO (happens to be a military alliance of several European and North American Countries). Vladimir Putin doesn’t want NATO to welcome Ukraine to its fold- a country that borders Russia.
Nearly after 30 years of the ongoing conflict Russia after all threatening attacks on Ukraine on 24th Feb’22, caused the fall of Bitcoin by 11% and Ethereum by 15%.
But soon after that day, bitcoin and Ethereum both cover up the fall and reach again at the same level, the very next day as the sanctions from the US against Russia increased. Some would assume that it would include expelling Russia from the swift (the payment system that transfers the money from bank to bank around the world). Still, we saw that multiple nations in Europe, which rely heavily on Russia for energy, declare that they do not want Russia to be taken off of swift. If future Swift sanctions happen, Crypto could be the way to mitigate the impact of a swift boycott, which is used to be the west’s most powerful sanctioning tool.
Let’s wait for the next move of the EU and US to see how Crypto could be the game-changer. We hope and pray that the Russian President stops the war.
Until next time.....
Written By- Shriyansh jain