Showing posts with label Ukraine. Show all posts
Showing posts with label Ukraine. Show all posts

Bitcoin RISES ABOVE The Russia/Ukraine Conflict...

Bitcoin in the The Russia/Ukraine Conflict

After a rally of almost 3,000 dollars in just a few hours, Bitcoin has returned to the $40k zone, touching $41,000! This comes after Bitcoin spent the previous five days hovering around the 38,000 price level. This would be the first time Bitcoin has recovered and maintained a support level of 40,000 since tensions between Russia and Ukraine turned to all out war.

The world's gaze remains fixed on Moscow and Kiev, and BTC initially fell by 8% as a result of the wars in Eastern Europe.

While Bitcoin Rises, Other Markets Continue To Suffer...

While Bitcoin was rising, stocks were falling and energy prices were rising on Monday, as an escalation of sanctions against Russia in response to the ongoing conflict in Ukraine stoked further uncertainty about the outlook for global financial markets, sending oil prices above $900 per barrel for the first time since 2014.

When comparing bitcoin to other assets on the market, we can see a shift in the way the market's most popular cryptocurrency has been behaving. While bitcoin's price dropped in tandem with the US stock market a few days ago, with the start of Russia's invasion of Ukraine, there is now a decoupling from the activities and a price trend more akin to commodities.

What's Causing This?

According to a belief circulating financial discussion boards, Russian and Ukrainian investors, as well as those from other areas of the world, are turning to raw materials and bitcoin to protect their riches in the wake of the disaster.

This would support the idea that bitcoin is becoming more widely regarded as a safe haven asset in situations with significant economic, political, or social ramifications.

Author: Matthew Miller
London Newsroom Global Crypto Press
Breaking Crypto News

Bitcoin Enters the Russia vs Ukraine Conflict - Will Crypto Become a Standard Tool in Future Wars?

Bitcoin in Ukraine and Russia Conflict

Bitcoin has become embroiled in the ongoing crisis between Ukraine and Russia. A recent research revealed how Ukrainian rebel and defense groups have collected bitcoin (BTC) and other cryptocurrencies as donations to fund their activities.

Elliptic, a cryptocurrency research organization, conducted the study. It examines how non-governmental organizations (NGOs) and other advocacy groups in Ukraine might use bitcoin.

According to the report, the total amounts received by the groups and NGOs that were tracked for donations via cryptocurrency was just over a half-million in USD - which the study notes represents a 'small percentage' of the overall incoming funds.

This was likely a test on how beneficial it is to have Bitcoin on hand during a conflict. 

But when you consider the question: is the ability to send unstoppable transactions into a war zone a powerful capability?  Clearly - yes. 

Unfortunately I can already see politicians praising it when used their own military or allies, then calling it 'a tool finance enemy regimes' when it's the other way around.

Crypto Never Has Played a Large Role in Facilitating Otherwise Secret or Illegal Transactions... 

Regular government issued fiat currencies are used 160X more often in crimes compare to cryptocurrencies - a massive difference.

While the media painted Bitcoin as new choice of the criminal underground - many of those criminals learned the heard way that the only reason Bitcoin was being called 'untraceable' is the reporters writing about it didn't know how to to use it.

According to a recent report from blockchain analysis firm Chainalysis, bitcoin was used to launder less than 0.5 percent of the USD 8,600 million that was laundered in 2021 - down 4% from the previous year.

Everything above highlights what we believe will be an emerging trend - continued declining use by illegal actors, and increased usage in cases where a transaction that cannot be stopped or intercepted is needed, but anonymity is not. 

Author: Mark Pippen
London News Desk 
Breaking Crypto News

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