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Highlights
- Bitcoin remained largely stable over the weekend, decreasing just slightly to hit US$37,600.
- War between Ukraine and Russia has put the crypto market into a tailspin since Russia first made advances into Ukraine territory last week.
- Russia is reportedly looking to get around sanctions by using cryptocurrencies to bypass the government’s imposing sanctions, particularly the transfers of money through the traditional banking system.
Bitcoin remained largely stable over the weekend, decreasing marginally to hit US$37,600, where it sits currently.
Ethereum has fallen into the red, having increased to as much as US$2,800 on Sunday. Since then, the world’s second largest crypto has lost almost 6% and now sits at US$2,600.
Meanwhile, war between Ukraine and Russia has put the crypto market into a tailspin since Russia first made advances into Ukraine territory last week.
Many have been left feeling skeptical about Bitcoin’s capacity as a store of value following the conflict in Ukraine caused the coin to plummet in value.
One analyst believes this war could be the beginning of a long-lasting bear market.
CEO of crypto exchange Huobi told CNBC that if the current market continues, it may not end until late 2024.
In response to the economic sanctions being imposed by multiple countries, Russia is reportedly looking to get around restrictions by using cryptocurrencies to bypass the government’s imposing sanctions, particularly the transfers of money through the traditional banking system.
Much of the west has imposed sanctions on Russia in response to the invasion of the Ukraine last week.
However, there is a growing consensus that Russian entities may use cryptocurrency to mitigate the impacts of these sanctions. Many believe that Russian banks might put money into Bitcoin and other cryptocurrencies to bypass the impact.
Sanctions have been a powerful tool in the past to persuade a country to adhere to international law. However, officials believe that the rise of cryptocurrency lessons the impact of such sanctions.
Altcoin News
The European Commission have called for the removal of several Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system, aimed at stopping cross-border payments carried out by Russia.
Leaders from France, Germany, Italy and the UK have shared their interest in protecting the Ukraine from Russian forces.
The European Commission have been very vocal in their condemnation of Russian President Vladimir Putin and are committed to isolating Russia from the international financial system.
President of the European Commission, Ursula von der Leyen called for five proactive measures against Russia, including the removal of Russian banks the SWIFT messaging system as well as paralysing the assets of Russia’s Central Bank.
Meanwhile, internet hacking group, Anonymous, released a viral video at the weekend, vowing to do everything in its power to disrupt Russian communications in their effort to undermine Russia’s attempts to invade the Ukraine.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Image Description: winners and losers in cryptocurrency trading
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Disclaimer: Crypto is a very risky space, a lot of spams are noticed around this and a thorough due diligence is needed when looking at the same.
