Alongside the gold, foreign exchange, stock and oil markets, the cryptocurrency market has been severely affected by Russia’s military action in Ukraine. The crypto market rebounded in double digits over the weekend after the day of military activity fell. What’s going on? What developments to watch in Bitcoin (BTC) this week? cryptocoin.com We pass on the details…
Ukraine crisis reflected in the crypto money market in double digits
Alongside the gold, foreign exchange, stock and oil markets, the cryptocurrency market has been severely affected by Russia’s military action in Ukraine. Bitcoin remained in the $38-40k range over the weekend, as the situation in Ukraine showed no signs of waning, while Western countries imposed more sanctions on Russia after Russian President Vladimir Putin refused to stop Russia’s invasion of Ukraine. Bitcoin, which traded in a horizontal range before the start of the weekend, briefly exceeded $ 40 thousand yesterday and is trading above $ 39 thousand 50 as of Sunday.
Bitcoin has recently been discovered to have a strong resemblance to the stock market. The storm of the stock market passed on Friday and the recovery has begun, thanks to forecasts of Russia’s military advance in Ukraine. As a result of this recovery, Bitcoin’s losses were also erased. As a result, Bitcoin has returned to the levels seen earlier this week. According to Bloomberg, a US-based financial news service, Russia’s military offensive in Ukraine has been slower than anticipated. Also, planned negotiations between Russia and Ukraine could increase the possibility of a ceasefire.
What developments should be followed for Bitcoin this week?
In the coming period, the markets will closely follow the course of the war. Markets can be severely affected if the prospect of extended conflict rises. The increasing sanctions of Western countries against Russian banks may affect the European economy in parallel with the Russian economy. As a result, market participants may abandon riskier assets, including Bitcoin.
Similarly, central banks planning to tighten monetary policy may become more hawkish if the economy suffers a significant downturn. The Fed was expected to raise interest rates in March. The crypto and securities markets are also at risk due to the acceleration of the tightening cycle and the hawkishness of central banks. On the other hand, the war damaged the productivity of many miners in both Ukraine and Russia. As a result, Bitcoin mining also crashed. It was said that some mining sites in Ukraine are still in war zones and should be closed. In addition, facilities in potential danger zones were relocated.
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