The conflict in Ukraine is impacting economies across the globe. However, in both Russia and Ukraine BTC price continues to remain high. This can be explained by the fact that the countries are using this as a means to escape sanctions. Also, people are using crypto to safeguard their funds.
Ukraine conflict – Impact on BTC
Crypto markets are seeing a lot of buying activity in Eastern Europe. The crypto market is seeing considerable volatility as people in Eastern Europe are desperate to save their money by whichever means possible.
However, lately the market has been showing a bearish trend. This is reflective of the slowing of the buying trend. It could also be due to people in the conflict zone disposing off their crypto assets.
This seems a likely explanation since before the conflict Ukraine had the highest adoption of crypto in Europe. Ukraine had recently even legalized crypto. This could help Ukrainians during the current crisis when traditional financial systems fail.
After a high of $44,790 recently, BTC’s price has been falling. It is currently holding at $39,000 and trading with a slight dip – at $38,4000.
It is observed that coins are being moved from the exchanges. This also signals that holders have no intention of selling in the immediate future. Conversely, funds being loaded to the exchanges signals an intent to sell.
Over the past few weeks, BTC too has been moving off the exchanges. Globally, exchanges are keeping an eye on the sanctions lists for Russian customers. The exchanges are currently open to even customers from Russia.
In the ETH market, the number of ETH billionaires is also rising. These individuals possess 21.6% of the available ETH. The price pattern of ETH is mirroring that of BTC.