- The Russia-Ukraine crisis is the latest talk of the town and a pretty significant one too.
- On Feb 21st, Russian President Vladimir Putin, after years of backing rebels in the two separatist regions of eastern Ukraine, Donetsk and Luhansk, collectively known as the Donbas region, finally recognized them.
- As an act of aggression that can quickly turn into the largest military conflict of Europe in the decade, Russia has deployed tens of thousands of troops along the Ukrainian border.
Meanwhile, Moscow continues to deny that it has any plans to invade, even after its warning about “military-technical response” to stagnating negotiations.
Volodymyr Zelenskyy, the president of Ukraine, represents around 71% of the Ukrainians who want to remain independent of Russia. He is a vocal critic of Russia and opposes the Russian occupation of Eastern Ukraine.
Amidst the conflict, the price of leading cryptocurrencies is depreciating. On Tuesday, Bitcoin fell to $36,370 after being just as high as $44,125 a week ago. Along with it, other popular digital coins such as Ethereum, XRP and Solana have also fallen recently.
While the tension keeps getting severe at the border, the market is going down, which could also result in increased oil prices.
On the ongoing crisis, here is a commentary on bitcoin from the Bitfinex Trading Team. The Bitfinex Team says the markets have always been like this in such times. However, Bitcoin is different even though it shows a similar response as of now.
“Amid all the sound and the fury as the Russia Ukraine crisis unfolds, one should take a pause and remember that markets, be they oil, stocks or precious metals, have always performed in a cyclical manner while being prone to gyrate in the face of the crisis of the day. While bitcoin is today exhibiting those same characteristics, it is cut from a very different cloth. Bitcoin is just 13 years old and offers the potential of being a future form of money. It provides the building blocks of a new financially inclusive world that will benefit many more people than is currently served by the traditional banking system.”
Founded in December 2012, Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc. It is a peer-to-peer exchange that offers digital asset trading services to users around the world.
While the platform has positioned itself as the go-to place for digital asset traders, the Bitfinex team has acquired valuable experience in blockchain technology.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.