Potential outcomes in cryptocurrencies in Russia-Ukraine war

Mar 2, 2022 | Crypto | 0 comments

A little briefing

The world is facing a lot of uncertainties and tension. We’re at the 5th day of conflict between Russia and Ukraine: the attacker is being punished worldwide by heavy sanctions and absolute reproval from both occident and orient.

Ruble, Russia’s main currency, is being heavily affected by the war. Many Russians are trying to withdraw all their money so their patrimony can’t be easily confiscated by the government to cover its expenses.

Potential crypto performance

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Potential outcomes in cryptocurrencies in Russia-Ukraine war

On the other hand, Bitcoin’s price has plunged to 14% in the last 24 hours, according to CoinMarketCap. Even with all the uncertainty, crypto is enduring quite well these days.

The same goes for the most popular altcoins: Ethereum’s up 10%, as well as Binance Coin; Ripple has gone up 6,32% and Terra (LUNA) has registered an impressive 25% uptrend.

Potential Motive

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Potential outcomes in cryptocurrencies in Russia-Ukraine war

Nobody wants to make deals with countries in war with others: since the ruble is falling apart because of the non-provoked military conflict, people are trusting in crypto as a “safe haven” against inflation and authoritarian measures.

The Ukrainian government is now accepting cryptocurrency donations to buy ammunitions and other products that’ll ensure the basic needs of its population. The conflict itself is helping people to see that crypto can’t be controlled by arbitrary third parties — and that’s crucial for a healthy economic environment, especially during such crises.

The bottom line

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Potential outcomes in cryptocurrencies in Russia-Ukraine war

DeFi is being put to the test: how will it endure in the long-term during a strong crisis such as this? Crypto showed great resilience and promise during the pandemic and now it’s exhibiting its strength during the military conflict as well.

But it’s too early to give any guarantees: It’s the first “crypto war”, after all. However, if you’re worried about how your country will respond to the conflict, you can always invest in crypto to protect your money.

Register now at CoinShopp and make your purchases without the fear of an impending hell.

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