Russia Invades Ukraine and the Massive Bitcoin Volatility: The Week’s Crypto Recap
The past week was riddled with volatility, largely induced by the geopolitical turmoil. Russia declared a military operation against Ukraine and invaded the country’s borders on Thursday – February 24th. In a move that shocked many and was expected by some, the two countries are actively engaged in the first war in Europe for quite some time.
Needless to say, this shook financial markets. On Thursday, global stocks traded in the red, and this caused further mayhem in the cryptocurrency field, BTC, alongside almost every other coin, declined by double-digit percentages and crashed towards $35K.
As the European Union and the United States, amongst other countries, responded to what’s going on in Ukraine with a promise of harsh sanctions, markets bounced. In fact, the move-up was just as aggressive as the dump. Bitcoin is eyeing $40K at the time of this writing, while the entire market is painted green.
This massive volatility resulted in over $800 million worth of liquidated both long and short positions, and it shows no signs of slowing down. Major altcoins are currently trading in the green on the daily time frame, charting massive gains, but are still losing value during the past seven days.
It’s unclear how things are going to get resolved from now on. In an official statement, the Russian President – Vladimir Putin – said that they are prepared for any outcome. Meanwhile, in Ukraine, there are reports circulating of serious resistance to the Russian military forces.
All in all, the past 48 hours have been riddled with nothing but volatility and overall economic uncertainty. It’s interesting to see how the next will shape up amid the escalating geopolitical tension.
Market Data
Market Cap: $1,835B | 24H Vol: $117B BTC Dominance: 40.6%
BTC: $39,471 (-3.1%) | ETH: $2,728 (-6.2%) | ADA: $0.88 (-14%)
This Week’s Crypto Headlines You Can’t Miss
BitMEX Arthur Hayes, Benjamin Delo Plead Guilty to Bank Secrecy Act Violations. The co-founders of the popular derivatives exchange BitMEX – Arthur Hayes and Benjamin Delo – pleaded guilty to violating the Bank Secrecy Act of the United States. This takes place in the case that the CFTC filed back in 2020.
Bitcoin and US Stocks Correlation at All-time High: the Good and the Bad. It appears that the correlation between Bitcoin and US stocks is at an all-time high. While there are some negatives to it, there are also some benefits, and in this article, we explore them all.
Bitcoin Bad? Leaked Documents Allege Credit Suisse Operated Accounts of Criminals. Documents leaked by a whistle-blower revealed very compromising information (if true) on more than 18,000 bank accounts holding more than $100 billion in the giant private bank Credit Suisse. The data allege that the bank held money belonging to alleged criminals involved in corruption, torture, drug trafficking, money laundering, and other crimes.
After Bitcoin Seizures And Freezing Bank Accounts – Canada Finally Ends Emergencies Act. Following days of increased political tension during which time Canada enforced the Emergencies Act, the country’s prime minister Justin Trudeau has finally halted its usage. The law allowed the government to block and freeze the bank accounts of protesters and people who supported them.
Vitalik Buterin: Putin’s Military Operation Is a Crime Against the Ukrainian and Russian People. After Russia invaded Ukraine on Putin’s call for a military operation, many from the crypto community stood against their actions. Vitalik Buterin, for once, called Russia’s actions a “crime” and emphasized that while Ethereum is neutral, he is not.
Indian Regulatory Body Issues Guidelines for Crypto and NFT Ads. The Advertising Standards Council of India has issued a detailed guideline to regulate the advertising of digital assets and businesses related to cryptocurrencies. This includes exchanges, as well as non-fungible tokens (NFTs).
