‘Disaster’ – Bitcoin, Ethereum and Cryptocurrency Prices Now Brace for New Russia Earthquake after SWIFT Shock

Bitcoin, Ethereum and cryptocurrency prices have all swung wildly over the past week as Russia’s invasion of Ukraine sent shock waves through global markets – fueling fears of a “disastrous market turn”.

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Bitcoin price dropped below $35,000 per bitcoin this week before rebounding sharply. Ethereum and other major cryptocurrencies have been just as volatile as the “extreme fear” gripping investors.

Now, traders are preparing for extreme volatility after Russia launched the world’s main international payments network SWIFT, as the former deputy head of the Russian Central Bank warned of a “disaster” in the Russian currency market.

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More Peak Disaster Market Warning From Forbes Released As Bitcoin And Ethereum Crash Price

The price of Bitcoin has fallen sharply in recent months with Russia’s invasion of Ukraine causing… [+] More volatility for Bitcoin, Ethereum and other cryptocurrencies.

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“This means that there will be a catastrophe in the Russian currency market on Monday,” Sergei Aleksachenko told Reuters. I think they will stop trading and then the exchange rate will be fixed at an artificial level like in the Soviet era.

The United States, the European Union, the United Kingdom, France, Germany, Italy and Canada announced on Saturday in a joint statement that they will impose sanctions on the Russian Central Bank and exclude some Russian banks from the SWIFT messaging system, which is used in transactions worth trillions of dollars. around the world, and aims to “prevent the Russian Central Bank from spreading its international reserves in ways that undermine the impact of our sanctions.”

Russia is believed to have about $300 billion in foreign currency offshore — enough to disrupt money markets if they are frozen due to sanctions or suddenly move to avoid them, according to a Credit Suisse report cited by Bloomberg.

Bitcoin, Ethereum and cryptocurrency prices recovered along with stock markets this weekend as traders reached an agreement with Russian sanctions. However, it is believed that the recent actions may lead to new volatility, with rising commodity prices and inflation fears worrying investors in recent weeks.

The extreme volatility of bitcoin prices while the price of gold soared has undermined the popular narrative that bitcoin is beginning to act as digital gold, a so-called safe-haven asset that investors flee to in times of perceived risk — although some bitcoin and cryptocurrency investors remain confident.

“Unlike major stock indices, bitcoin hasn’t hit a bottom line.” [this week]Michael Morsch, CEO of digital asset fund ARK36, wrote in an email note: “These little details could be of great importance in terms of talking about bitcoin as a safe asset. “

Despite the recovery of bitcoin, ethereum and cryptocurrency prices, fears persist that the price of bitcoin may fall again.

“The situation remains volatile and the $40,000 levels still represent resistance,” Morsch added. “Unless bitcoin purposefully breaks this barrier, a reconsideration of the range lows or even the $30K support remains very much on the table in the short term.”

“If the situation in Ukraine escalates, more bitcoin could drop below $30K as investors leave defensive assets,” Alex Kuptsikevich, chief financial analyst at FxPro, said in comments via email, citing reports that may Russia is using cryptocurrency to get around sanctions. Otherwise, the country will not bear the pressure of mounting sanctions from Western countries.

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More Forbes Crypto Price Alert: A Serious Bitcoin Warning Issued Even as Ethereum, BNB, Solana, Cardano, and XRP Bounce From Crash

Bitcoin has fallen to its lowest level since the massive cryptocurrency crash last month as fears mount… [+] Side effects of the Russian invasion of Ukraine. Ethereum and other cryptocurrencies have also swung dramatically.

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However, others in the bitcoin and crypto community believe that it is possible that Russia could use the unexpected bitcoin to evade global sanctions.

“The suggestion that Russia could use bitcoin to evade sanctions is mostly an exaggeration by the media,” Cory Klipstein, CEO of bitcoin buying app Swan Bitcoin, said via Telegram.

“Technically, Russia can use bitcoin due to its open and unauthorized nature, but there are ways for agencies to track bitcoin transactions. It is important to note that bitcoin is a technology that can be accessed by anyone, regardless of whether you agree with their actions or not.”

So far, nearly $14 million has been donated to the Ukrainian war effort through anonymous bitcoin donations, according to researchers at Elliptic, a blockchain analysis firm.

On Saturday, the official account of the Ukrainian government posted on Twitter: “Stand with the people of Ukraine. Now accepting donations in cryptocurrency. Bitcoin, Ethereum and USDT” – a stable currency pegged to the US dollar. The addresses of two cryptocurrency wallets raised millions of dollars in Bitcoin and Ethereum in just a few hours.

“Around the world, the demand for bitcoin continues to increase as the need for a decentralized and censorship-resistant store of value becomes more and more apparent by the day,” Klepsten added.

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