Ruble DUMP, BTC PUMP, Russian Economy in Big Trouble

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2022-05-14 20:02:22

Market situation

Bitcoin has surged to the $43,000 level. Altcoins also rose and the market became more active. The Fear and Greed Index is returning to normal (51).

US stocks rose slightly with Nasdaq. The other two indexes fell slightly. Futures show the indexes are flat or slightly down. Crypto is gradually different from US stocks. This is what investors expect to see.

The increase in BTC price caused more than 341 million USD of leveraged orders, mainly Short orders, to be liquidated.

Coinshare statistics show that for the sixth consecutive week, investment funds continue to pour capital into the crypto market. Digital asset investment products saw a total inflow of $36 million last week despite the ongoing turmoil in Eastern Europe. The volume on Bitcoin crypto exchanges trading the RUB/USD pair has seen a 121% increase in volume from last week.

The Russian economy is unstable due to the impact of economic sanctions

Currently, there are many streams of information about the situation in Ukraine. Ukrainian and Russian officials concluded a key round of negotiations on Monday near the border with Belarus. Officials from both countries said the sides could hold further talks amid Moscow’s invasion of Ukraine. However, the details of the negotiations were not made public.

As for Russia’s economy, it is heavily affected by economic sanctions. Meanwhile, Russia’s central bank more than doubled its key interest rate on Monday, as the ruble plummeted after the West imposed heavy sanctions on Moscow. The ruble fell to a new record low of 120 per dollar in foreign trade and fell 18 per cent to 98.21 per dollar in Moscow trading, after losing nearly 30 per cent previously.

Western allies have taken unprecedented steps to isolate Russia’s economy and financial system, including sanctioning the country’s central bank and excluding some lenders from the system. SWIFT messaging system, used for trillions of dollars in transactions.

Sberbank Europe and two other subsidiaries failed, after a significant drop in deposit flows related to “geopolitical tensions”, according to the ECB. Austria’s Financial Markets Authority has imposed a ban on Sberbank Europe, based in the country.

Superyachts owned by Russian billionaires who have ties to President Vladimir Putin are moving as the United States and its allies prepare for more sanctions on their assets in the wake of the invasion. Ukraine strategy. Russians are waiting in long lines to withdraw cash. The stock market is still closed.

Many international organizations and large companies have spoken out against Russia’s act of war. The International Ice Hockey Federation (IIHF) has decided to suspend the participation of all Russian and Belarusian national teams and clubs in its competitions for an indefinite period due to the circumstances. lawsuit in Ukraine. The IIHF strongly condemns the use of military force and calls for the use of diplomatic means to resolve the conflict.

Netflix says it has no plans to add state-run channels to the Russian service, despite regulations requiring the streaming service to distribute state-backed channels. Meta Platforms Inc (Facebook), will restrict access to Russian state media RT and Sputnik on its platforms across the European Union. On Sunday, the European Union said it would ban the state television network RT and Russia’s Sputnik news agency. Canadian telecom operators have also stopped providing RT channels.

Meta, Microsoft Corp and Alphabet (Google) and YouTube have taken measures in recent days to restrict Russian state media from making money from advertising on their platforms. Twitter banned RT and Sputnik from advertising on its site in 2017. These companies block Russian media channels to stop Russia’s controversial and untrue communications about the Ukraine war.

In the uncertain economic situation, the people of Russia as well as Ukraine realized that they need to store their money in assets that are not controlled by governments and that is Bitcoin and crypto. At the same time, BTC and crypto make it easy for people to carry assets across national borders without confiscation. This caused the demand for BTC to increase in Russia and Ukraine, causing the price in these two markets to be $2000 higher than the international market.

The US government has asked crypto exchanges to help freeze the accounts of Russian individuals and institutions. However, most major exchanges such as Coinbase, FTX, Kraken, Binance, … agreed to freeze accounts on the list related to the Russian government. As for the accounts of ordinary Russians that are not on the list they will not be frozen, because ordinary people have no fault to be punished.

In general, the market is not so pessimistic or optimistic as people think. Crypto rises in uncertainty and shows distinct values. In particular, there is no government or organization that can manage Bitcoin. BTC growth and gradually different from the trend of securities is a good point for investors to trust and choose.

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