The crypto market this morning displayed a positive signal, perhaps related to the cold Russian-Ukrainian relations that began to subside.
At the time of writing this article, Bitcoin (BTC) recorded a trading value of $ 44,108.58, up 3.57% in 24 hours, followed by the altcoins market: starting with Ethereum (ETH) up almost 8%, trading at $ 3,146, Solana (SOL): $ 103.11 (+6.3 %), Polkadot (DOT): $ 19.92 (+6.7%), XRP: $ 0.84 (+4%), Cardano (ADA): $ 1.09 (+4.3%), and Dogecoin (DOGE): $ 0.14 (+3.2%).
Since the beginning of January again the crypto market has shown price instability despite the dumping of institutional investors already joining this space.
At the same time, the growth of interest in non-fungible tokens (NFTs) and the metaverse should also drive up the price of crypto assets, but instead happens to invite the question of what exactly is going on with this market?
Russian -Ukrainian War
January 28, Russian president Vladimir Putin revealed the potential for war between his country and Ukraine.
The President of the United States (US), Joe Biden confirmed Putin's statement.
The latest crisis began when the western media distorted the real story, accusing Russia of wanting to seize Ukraine.
While the US and the United Kingdom (UK) are arguing to seize the Donbass in southeastern Russia.
Putin explained that Russia has no plans to invade Ukraine and that the US is actually using the country to block Russia’s progress.
But if Ukraine agrees to join the North Atlantic Treaty Organization (NATO), Russia will not hesitate to invade the country.
NATO is made up of 30 countries: Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, North Macedonia, the UK, and the US.
Ukraine, Bosnia, Herzegovina, and Georgia have shown interest in joining NATO.
The Relation of War to the Crypto Market
The incident not only impacted the crypto market but also the stock market, commodities such as gold and oil, and currencies. No wonder why inflation also recorded an increase.
But this prolonged cryptocurrency price uncertainty is probably due to the actions of Ukraine using Bitcoin to support the war with Russia.
Data from blockchain analytics company, Elliptic, contributions made are from private entities including from overseas contributions because crypto does not require intermediaries.
It is understood that as of February 8, Ukrainian voluntary organizations have received contributions in bitcoin worth $ 570,000 since the 2014 conflict and recorded the highest contributions since 2021.
However, yesterday Putin decided not to go to war in Europe but there are conditions that must be met to ensure the safety of the Kremlin.
Is this a positive signal for the crypto market?
