Overview
The Russia-Ukraine conflict is the hot topic in global news, this grievous offense has shocked the whole world. Russia’s invasion on Ukraine has laid an adverse effect on the traditional financial market. This disruption in the traditional financial market has affected the global economy.
Created Turbulence
On the other hand, the attack has created turbulence in the digital financial market and proven as the turning point for cryptocurrency. In expert’s opinion crypto can be used to avoid the sanctions that are imposed on Russia.
But the question is how? Well, to get your answer keep reading our blog post. Below we have provided an in-depth analysis regarding the impact of Russia-Ukraine conflict on cryptocurrency. Also, how Russia can take the advantages of crypto to avoid the sanctions.
Impact of Russia-Ukraine conflict on the crypto market
Ever since the conflict between Russia and Ukraine began, we observed, there has been a bank run that happened on both sides of the border. This has led the depositors to withdraw their money. We have also observed, to stabilize the freefall, the Central Bank of Russia has raised its interest rates up to a staggering 20%.
Economical Situation
In this uncertain and shaky economical situation, gold is considered as the safe haven, but it is difficult to carry gold around. Therefore this situation has turned the outlook of people towards the crypto market. And it is far easier to remember the key of your crypto wallet than carrying the gold.
Bitcoin and other cryptocurrencies prices are jumping following a plunge over the last few weeks. After the conflict, the price of bitcoin on Thursday rose to $47,512.03 after falling as low as $34,81,830 last month. Since this invasion has disrupted the traditional financial system, people are looking towards the crypto market for neutralizing their loss.
From the price plunge in the crypto market, almost every crypto investor has gained some excellent profit over the weeks. In the opinion of various crypto analysts, the Russia-Ukraine conflict has proven as the turning point for the crypto market.
Therefore
Therefore, it is the right time to invest in the market to gain profit. If you’re interested in investing in the crypto market we have a perfect crypto exchange platform for you named Bitcoin Prime. Go check out their official website for more information.
This invasion has pushed up the crypto prices, and boosted the market. If you’re wondering how that happened, well, the young investors have heavily invested in the crypto market. Especially after the sanctions imposed on Russia. We have also heard that Russia is planning to use cryptos to avoid the economic sanctions that have been imposed on them.
Not just Russia, Ukraine has also looked up to the cryptos in this critical circumstance. The Vice President of Ukraine tweeted about accepting international support via cryptocurrencies. And after this tweet, the international crypto community has donated more than $100 million. The Ukrainian government itself is soliciting donations in crypto and has raised at least $54 million.
Final thoughts
From the above analysis we can say that crypto is proving to be a double-edged sword in the Russia-Ukraine conflict. This has also put cryptocurrency in the spotlight and raised various questions. Both the countries are planning to take help from the crypto market to stabilize their falling economy.
