War always brings an abundance of miseries & dilapidation of hopes on which society rests. This is quite evident and apparent in the case of Ukraine when it recently got decimated by the deluge of deadly force that Russia unleashed on it. There is a lot more to it than meets the eye, which makes it all a living nightmare for living in Ukraine. But what does the future look like for Ukraine if there were one? If you are interested in bitcoin trading, visit The official Oil Profit App to acquire an utter guide to crypto trading.
How will Russia recover from the debilitating sanctions it deliberately invited for itself when it ignited the war that no one ever wanted? What will be the implications of the war on the rise of cryptocurrency as Bitcoin seemed to be in an appalling state right after the attacks from Russia ensued?
Waging Wars Always Entails Grim News For The Emerging Markets
Russia had already been excluded from the SWIFT financial systems that support the financial apparatus of any country. Hence, the exclusion from SWIFT plunged Russia into a desperate state from where the recovery became almost impossible, and there was no going back from that lapse either.
Russia had already made its intentions clear of attacking Ukraine, and the preparations had been underway for a couple of months when their cavalry stationed at the border not only infiltrated the line of control but also violated its agreement of not attacking Ukraine. This called for massive sanctions from all the western nations that Russia had to bear the brunt of. It was inevitable, and now such sanctions are wreaking havoc on the overall economy of Russia.
Russia’s Resilience Came At A Price Too Heavy To Pay
The mammoth of the country had already seen it coming but still did not abstain from obliterating everything that Ukraine stands for. The cryptocurrency market also fell into the crosshairs of Russian attacks, and the prices of leading digital assets fell immediately after the attacks from Russia unleashed at full throttle. The mounting sanctions on Russia have completely cornered the country, and its only escape is embracing cryptocurrency to the fullest.
Ukraine has already signed a legal agreement to operate in cryptocurrency, and it has received profuse donations in the form of crypto assets ever since it was attacked. The president of the USA, Joe Biden, has made it clear that the sanctions on Russia will deter its ability to finance the bloodshed that it perpetrated on Ukraine.
Relief From Biden Encouraged The Traders And Investors Alike
Crypto markets finally took a sigh of relief when the sanctions were imposed on Russia from the majority of western nations. Bitcoin has finally rebounded and stood at $34,000. The growth was further fuelled by a positive outlook on the cryptocurrency that helped Bitcoin to touch the $40,000 mark in just a short time. The decision to impose sanctions on Russia came in the form of a severe attack that crypto markets had to confront due to war. It seemed like a major crisis that the entire crypto industry had not previously witnessed. Markets are filled with uncertainties which is an undeniable reality that no one can refute.
Unanticipated Twists And Turns In The Market That Redefine The Trends
Global markets also faced a major blow in the wake of sanctions, and traders started interpreting the impact on their daily operations. Such traders are now able to deal in the riskier assets, and they can also purchase them considering the rebound that the industry seems to make. Major cryptocurrencies like SOL, ADA, XRP, ETH & BNB witnessed promising growth from the initial downfall that they had to face when the war was in its nascent stage.
Traders were also optimistic that the unabated sanctions on Russia would clear the path for cryptocurrencies to dominate the trends in the country, which was a great sign for digital assets. The financial authorities in Russia have also switched to cryptocurrency to finance their malicious & nefarious schemes.