AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Bitcoin dropped back to US$38,400 over the weekend as volatility returned to the market.
- Crypto trader Michaël van de Poppe says that crypto leaders Bitcoin and Ethereum could be driven to new lows by the ongoing conflict in Eastern Europe.
- Japan’s move to target Russian sanction evaders has come after Tokyo put sanctions on Russian officials including President, Vladimir Putin.
Bitcoin Tumbles
Bitcoin has taken yet another tumble after making a strong recovery last week.
The leading crypto in market cap dropped back to US$38,400 over the weekend as volatility returned to the market.
Crypto trader Michaël van de Poppe says that crypto leaders Bitcoin and Ethereum could be driven to new lows by the ongoing conflict in Eastern Europe.
The analyst said that the conflict between Ukraine and Russia is causing economic uncertainties which is adversely affecting indices, inflation rates and the prices of gold and Bitcoin.
He added that crypto traders are driven by impulse and emotion and that the sudden drop in the market has been caused by short-term panic.
Japan to prevent Russia from avoiding sanctions
Japan’s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly trying to find ways of stopping blacklisted Russian entities from avoiding sanctions.
Since Russia’s invasion of Ukraine, the US, UK and EU have imposed sanctions on Russia in an effort to stop Russia from being able to transfer money via conventional means.
A report outlined that the two entities are not planning to block all Russian users. Rather, the report said the regulator is focused on finding ways to stop anyone that uses cryptocurrencies to evade sanctions.
Japan’s move to target Russian sanction evaders has come after Tokyo put sanctions on Russian officials including President, Vladimir Putin.
In a Bloomberg report, Japanese Finance Minister, Shunichi Suzuki explained to parliament how Tokyo is working to plug loopholes that may be exploited by sanctioned Russians.
He said they are closely watching the situations crypto assets in order to secure effectiveness of sanctions against Russia.
Just a few days before Japan decided to impose sanctions against Russia, South Korean cryptocurrency exchanges also announced that they are now stopping users from countries that are at high risks of money laundering.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
