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How War is Influencing the Crypto Currency Market
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[QUOTE="Jasmine, post: 233107, member: 49159"] War comes with a lot of financial costs. Even when the war stops now, it will take many years for the countries at war to regain their economy. However, during this war time, cryptocurrencies are keeping the economy of these countries afloat. When the war started, the price of Bitcoin and all other cryptocurrencies went down, however, now the price is improving. Do you know why? That’s because due to sanction, Russians have not been able to sell their Oils for USD, and now they are using Bitcoin to sell their Oil, which has resulted in the improvement of Bitcoin price and crypto market in general. Another reason for the increment in the cryptocurrency price is because Ukraine is receiving a lot of donations in cryptocurrencies as their banking system is at disarray due to the war. A couple of weeks before the war started Russian government proposed a ban on Bitcoin and all other cryptocurrencies including mining, investing, and trading, which resulted in the drop in the cryptocurrency price. However, cryptocurrency market is improving because the war has created a favorable market. The common Ukrainians who do not have access to the banks due to the war are receiving funds in crypto from their relatives and well wishers in other countries. The Ukraine government has even started using Bitcoin as a legal tender. [/QUOTE]
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