How does this Ukraine crisis affect the crypto market?

[Odette112]

The current event taking place in Ukraine have lead to scarcity of oil and inflation o commodities that needed oil...

But how does this events affects the price of bitcoin and crypto currencies in general since now Ukraine and people in Russia use crypto?

Are the government going to also sanction exchanges and wallet owners?

Please I need you guys views on this

 

[Sotherefore]

Base on how I am seeing the price chart and best on the prediction from expert there was an expectation to have a serious bearish movement in the price of all cryptocurrency this year , Now the price of all cryptocurrencies is dropping seriously but I don't really understand if this dropping in the price of cryptocurrency is as a result of the crisis that is going on between Russia and Ukraine or it is just a normal movement in the price of cryptocurrency as it was predicted.

Even if the crisis that is happening between the Ukraine government and the Russian government was to have affected the movement of cryptocurrency it wouldn't really be on the negative side but we could have seen a constant obtained in the price of cryptocurrency since the affected countries will start using cryptocurrency for their mode of transaction thereby increasing the price of certain cryptocurrency they consider to be the most suitable .

The only thing that affected the price and movement of cryptocurrency negatively then was the pandemic and a lot of coin drops to a point that so many people believe it will never comes back to their original price . Lolz I was also afraid then.

 

[Odette112]

From my own personal observations, the pandemic actually improved the growth of crypto coins. And i expected the same to happen since Russia can't use Swift again and Ukraine were getting donations in crypto.

 

[minenovo]

I think that depends on whether or not the crypto industry gets curbed to comply with the sanctions. Time will tell, I guess.

 

[Odette112]

I think that depends on whether or not the crypto industry gets curbed to comply with the sanctions. Time will tell, I guess.

I feel the sanctions canonly apply to exchanges but P2P cannot be stopped because BTC is decentralized

 

[Shaf]

Every action we take has a ripple effect, especially when it's on a large scale like this.

Like the forex, stocks and commodities markets, cryptocurrency will also feel the shock that comes with whatever consequences the war has. Currently, prices of gas has increased, businesses from both countries have been affected hence people have less money to buy and sell with.

Coupled with the inflation and uncertainty after Covid 19, people are playing it safe, not investing new money or preferring to be in stablecoins. Bitcoin has also been trading in a downtrend for four months and this trend is not going to make it favourable at all to new investors.

 

[minenovo]

I feel the sanctions canonly apply to exchanges but P2P cannot be stopped because BTC is decentralized

That is probably true, though I assume there will be some attempts. It's bound to happen, I think.

 

[Setho]

There has been a war between Russia and Ukraine for some weeks right now and when the invention started it was noticed that the price of Bitcoin dipped by more than 15% in the first 24 hours . Bitcoin which controls a greater percentage of the market capitalisation of other cryptocurrencies actually is a speculative currency whereby news can be able to effect it a lot but when it comes to this one it is a lot more than that .

Russia at the moment has the second highest Bitcoin mining rate after the United States of America so which means that any unrest in the country is definitely going to affect how fast transactions are going to be going and thereby it is going to increase transaction fees and waiting time.

It is also noticed that a lot of countries have imposed sanctions on Russia and as such it is going to affect global trade and global finance's as they have been blocked from accessing them . This has created a lot of uncertainty in the minds of people about what is going to happen next and as such people and not really going to be committing into any serious trade with fear of losing .