Late Friday’s rise in cryptocurrency prices was due to Russia talking to Ukrainian officials about the Russian invasion.
Mykhailo Podolyak is the Ukrainian presidential adviser and spoke to Reuters. He said that Ukraine desires peace and was willing to negotiate with Russia regarding its neutral stance towards NATO.
Russian Foreign Minister Sergei Lavrov said Friday that Russia would be open to discussions with Ukraine, but only if Ukraine’s troops had put down their weapons.
“Neo-Nazis” should not be in charge of Ukraine, Lavrov stated.
Russian missiles, artillery, and air strikes were unleashed by Vladimir Putin (Russian President) on Wednesday morning.
Investors all over the globe struggled to comprehend the changing geopolitical landscapes as they went along. Even though Russia’s ruble was at its worst level on record, the S&P 500 stock index surged more than 2%.
Source: TradingView.com| Source: TradingView.com
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The Cryptocurrency Market is Rising
Bitcoin was trailing other altcoins (altcoins), in crypto markets Friday. This suggests that investors are more open to risk, and anticipate cryptocurrency prices taking a hit.
Ripple’s XRP and Terra’s LUNA token both rose in value by 10% in the last 24 hours, while Bitcoin has remained relatively unchanged.
Many cryptocurrency investors think that recent volatility will cause a price rebound.
The expected volatility of Bitcoin’s price for the next week increased by 75% on an annualized basis. CoinDesk’s Omkar Godbole said that the cryptocurrency’s inverted volatility structure generally precedes price bottoms.
Investors may expect volatility over the time they set.
The United Nations Security Council is expected to vote this week on a crucial resolution regarding the Russian military intervention in Ukraine.
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Ukraine’s President Volodymyr Zelenskyy has claimed that the sanctions imposed on Russia are not adequate to stop Russian military actions in Ukraine.
He said that the only thing they do is protect the nation.
For the 44 million people living in Ukraine, Putin’s claim that their democratic country is an illegal state carved out of Russia is an attempt to erase their country’s more than a thousand-year history.
A slew a of sanctions have been taken by the West against Russia. These include the ban on technology exports and blacklisting Russian banks. Instead of kicking it out of the SWIFT system, they’ve opted to leave it in.
Rating agencies S&P and Moody’s lowered Russia’s rating to “junk” status, and S&P and Fitch quickly downgraded Ukraine’s rating on default concerns following the invasion.
According to data gathered by CryptoQuant, Bitcoin’s buy volume to sale volume ratio has been somewhat higher over the past 24 hours, showing positive sentiment among traders.
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