Since Russia announced a special military operation into Ukraine, marking the start of the conflict between the two countries, the cryptocurrency space, as well as other markets such as the commodity market, have all witnessed increased volatility.
The battle is a primary reason for the cryptocurrency market's multi-year highs and high volatility, as well as the commodity market. As previously stated, Russian President Vladimir Putin announced a special military action in Ukraine on February 24, 2022. Oil and cryptocurrencies have been significant targets in the fight.
Because Russia is the world's second-largest supplier of crude and refined oil, it accounts for 5 million barrels per day of crude and 2.8 million barrels per day of refined goods, accounting for 7% of global supply. The battle has triggered a spike in the price of oil due to fears that Western nations may embargo Russia in solidarity with Ukraine, due to Russia's economic importance in the oil market.
Even in the absence of sanctions, many private organizations have gone on a self-sanctioning binge and stopped doing business with Russia. In solidarity with Ukraine, several groups are refusing to touch Russian oil and are exploring for alternate sources of supply.
On both sides of the conflict, there was also an emphasis on cryptocurrency. Cryptocurrencies have proven to be a powerful tool for the Ukrainian government, allowing it to receive donations from people all over the world who are supporting the country in its struggle against Russia. So far, the Ukrainian government has collaborated with FTX and Everstake to develop a fundraising website, and the site claims that the Ukrainian government has raised $50.4 million of the $200 million target as of this writing.
...
===
Images Credited to Google Image search.
0 Comments