Riding The Wave News Summary #17
Russia & Ukraine, New Intel chip project, Russia accepting cryptocurrencies as currencies, & more
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Table of Contents
Tweets (Mcdonalds, Youtube, Intel, & NFL continue to move towards crypto)
Most cryptocurrencies declined on Friday as traders reacted to geopolitical risks emanating from Russia and Ukraine.
On Friday, U.S. President Biden urged Americans to leave Ukraine immediately, warning “an invasion could begin at any time.” For now, the U.S. has ruled out sending troops into Ukraine despite Russia's military activities.
Bitcoin (BTC) dropped as much as 5% over the past 24 hours, compared with a 4% decline in ETH and a 7% dip in SOL. Stocks were also lower while traditional safe havens such as gold and the U.S. dollar rose. Markets eventually stabilized later in the New York trading day.
Some analysts expect bitcoin to remain under pressure for a few more months. "In last spring’s drawdown, it took about six months for bitcoin to recover," NYDIG, a bitcoin holding company, wrote in a newsletter this week. "A similar timeline in the current drawdown would put a recovery date sometime in May."
I think it’s possible that political events such as this combined with the possible emergency interest rate hike we might see Monday could pull down crypto in the short term but I don’t think it will have a long-term impact. I also think that even if crypto was pulled down it’s unlikely we go significantly lower than where we dropped to before as we formed support levels, have switched over most of the funds from short-term holders to long-term holders’ hands, & whales have been jumping in more heavily recently.
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