фото показано с : zycrypto.com

After several days’ intense sell-off, bitcoin soared over 10% on Feb 28, providing much-needed relief to investors. 

Influenced by the Russia-Ukraine crisis, the cryptocurrency market saw a steep price slump as investors turned to assets with fewer risks. Many believe that bitcoin’s safe asset narrative has broken. But now it seems bitcoin is getting popular in Russia and Ukraine. 

Can cryptocurrencies save Russia?

The United States, the European Union, the United Kingdom, and Canada issued a joint statement announcing that several major Russian banks were banned from using the SWIFT system.

Analysts believe banning Russia from using the SWIFT system is one of the most severe financial measures, which will cause a major blow to Russia’s foreign trade and international settlement. To bypass the sanction, many analysts believe Russia would turn to cryptocurrencies, and evidence shows that Russia may have been preparing for this day. 

In October 2021, the U.S. government warned that digital assets could potentially undermine the effectiveness of U.S. sanctions. U.S. and EU sanctions rely heavily on banks to enforce them. Banks are responsible for tracking and blocking transactions of sanctioned entities or individuals. But with its decentralized nature, bitcoin could avoid being tracked. Russia now ranks third in bitcoin mining. According to Marc van der Chijs of First Block Capital, on Monday one bitcoin worth $46,000 on some Russian exchanges, $5000 more expensive than those on U.S. exchanges. “There’s not normally a difference [between the Russian and US price of bitcoin] because there are arbitrage possibilities,” van der Chijs told The Post. “That seems to indicate that this urge in bitcoin price is because of Russian buying.”  

Ukrainian people choose bitcoin

In Ukraine, bitcoin has also become the go-to solution. The National Bank of Ukraine has limited daily cash withdrawals to 100,000 hryvnias ($3,350) to control cash outflows from the country. After the announcement on Feb 24, Trading volumes on Kuna, a Ukrainian cryptocurrency exchange, spiked immediately. According to data from Coingecko, Kuna’s trading volume increased from $1.4 million to $4.8 million, with the majority of trading made in hryvnia (UAH). This is the highest trading volume recorded on the platform.

Before this war, Ukraine was one of the few countries that supported cryptocurrencies. Ukraine’s parliament recently passed a law legalizing cryptocurrencies. Ukraine is now accepting donations made in cryptocurrencies. 

Although bitcoin is a high-risk asset, the crisis is showing the decentralized and store-of-value nature of bitcoin. While bitcoin’s short-term performance is still subject to market sentiment, it is one step further to becoming a mainstream asset. 

Maximize profit with 100x leverage futures trading

Futures trading enables traders to bet on the price trends of crypto and make profits from the price differences. With Bexplus 100x leverage, your fund will be enhanced enabling you to make big money with small capital.

Bexplus offers 100x leverage in BTC, ETH, DOGE, ADA, and XRP futures contracts. Bexplus is trusted by over one million traders around the world, including the USA, Japan, Korea, and Iran. No KYC, no deposit fee, traders can receive the most attentive services, including 24/7 customer support and personal account manager. 

Bexplus offers 100% bonus for every deposit, with which you can open bigger positions and gain more profits. Deposit 1 BTC and you will get 2 BTC credited to your account. Every user can get up to 10 BTC for each deposit. (Bonuses are not withdrawable, the profit obtained with the bonus can be withdrawn.)

When you are not trading, you can transfer your BTC to the interest-bearing wallet and enjoy up to 21% annualized interest without any risks, which is no doubt one of the most profitable rates in the industry.

With a copy-trade system provided by Bexplus, you can automatically copy other excellent traders’ trading. It can be a really valuable portfolio for those who are just starting out in trading, or those who don’t want to dedicate a huge amount of time to managing their trades.

A demo account with 10 replenishable BTC offered by Bexplus can help you better familiarize yourself with leveraged trading and practice trading without taking any risks.  You can also learn to analyze the market and use the toolkit with the demo account.

You can submit a withdrawal request anytime you want and have your deposits back in as fast as 30 minutes during work hours. If you encounter any problems, you can contact customer support via different channels like e-mail and live chat.

With the Bexplus App, you can manage your account and trade anywhere and anytime you want. It also integrates other tools like real-time charts, news alerts, etc., which are going to be your capable assistants in trading. Download the Bexplus APP on the Apple Store and Google Play.

Register on Bexplus and get a 100% deposit bonus now.

Disclaimer: The ‘Crypto Cable’ section features insights by crypto industry players and is not part of ZyCrypto’s editorial content. ZyCrypto does not endorse any company or project on this page. Readers should conduct their own independent research before taking any actions related to the company, product, or project mentioned in this piece.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

280 +