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The War Backfires: Russian Crypto-Market Cripples as Conflict Continues

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© Reuters. The War Backfires: Russian Crypto-Market Cripples as Conflict Continues

  • Russia faces the repercussions of initiating the unprovoked war.
  • Despite hosting the 17 million miners, the Russian crypto market suffers as exchanges boycott services.
  • Ukraine receives massive global support through crypto donations.

From farmers toiling to buy fertilizers to people paying hefty amounts at the gas stations; from stores running out of cooking oil to nations reconsidering alliances, Russia’s invasion of Ukraine has triggered umpteen seismic repercussions. However, Beyond the rapidly expanding refugee crisis, the unprecedented sanctions, and the global relationship shakeup, lies a massive financial massacre with cryptocurrency at the heart of it.

The snowballing economic crisis followed by the Vladimir Putin-led nation’s attack on Ukraine has already impacted multiple sectors including energy, oil, food and agriculture, trading, foreign exchange, import, and export, among others. It is further expected that this conflict will shrink Russia’s economy by 11.2%

Additionally, It is believed that the nation’s 40-years-worth of effort in building a prosperous market-based economy, that began under Mikhail Gorbachev’s leadership, has failed miserably through Putin’s unprovoked war. Moreover, since the beginning of the war on February 24, 2022, more than 300 world-renowned brands have voluntarily halted services or dialed back their businesses from Russia, citing the conflict.

Besides playing a crucial role in this conflict, cryptocurrency is also an important tool for ordinary Russian citizens to resist financial totalitarianism. Hence the brunt has to be endured by both, the economy and the citizens of the nation. Here’s taking a glance at the aftermath of the feud upon the digital economy.

Russia’s Multi-Billion-Dollar Crypto Industry Crippled

Despite Russia being the world’s third-largest bitcoin mining hub, US officials targeted its bitcoin mining firm BitRiver considering it a potential threat to the efficacy of its sanctions regime. In detail, the officials showed concerns that the Russian government may monetize its vast oil and natural resources reserve with power-intensive crypto mining as a way to raise funds against the western sanctions.

The US officials disabled miners to access US crypto exchanges or mining equipment as a commitment to ensure that no asset becomes a mechanism for Putin’s regime to offset the impact of the sanctions.

The number of crypto users in Russia is also anticipated to degrade with the collapse of the Russian Ruble’s value, in spite of having above 17 million cryptocurrency owners/traders. Blanketing a market where more than 12% of citizens own cryptocurrencies (50% higher than the ownership rate among Americans), with such a sanction would penalize everyone in the economy, by all measures

Furthermore, leading cryptocurrency exchanges like Binance and Coinbase (NASDAQ:COIN) have suspended thousands of accounts and wallets linked to Russia, suspecting illicit activities. Mastercard Inc (NYSE:MA) and VISA Inc have blocked several Russian financial institutions from their payment gateway and recently, multiple Russian banks have been removed from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) by the UK, the US, European Commission, and several other EU states.

Ukraine Receives Sympathy in the Form of Cryptos

Ukraine has raised over $60 million in crypto donations since the beginning of the invasion. More than $10 million was donated directly to the crypto wallets after the Ukrainian government solicited donations in bitcoin, Ethereum, and tether.

Ukrainian President, Volodymyr Zelenskyy has signed a virtual assets bill that will recognize cryptocurrencies as an asset in the country after the war gets over.

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Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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