Riding The Wave News Summary #19
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News
Table of Contents
Tweets (Thailand Stock Exchange, London Stock Exchange, & government officials who joined crypto)
Bitcoin and other cryptocurrencies fall on mounting Russia-Ukraine tensions
Regulator in Canada Warns Crypto Exchanges Not to Promote Self-Custodial Wallets: Report
'Frozen' Bitcoin Tied to Canadian Protests Lands at Coinbase, Crypto.Com
‘Deep bullishness’ for crypto: Analyst comments on Deutsche Bank report
Russian Government Introduces Crypto Bill to Parliament Over Central Bank Objections
Bill to regulate crypto in Brazil for first time heads to Senate vote
Analysts say Bitcoin 'bottom is in’ as BTC bounces back to $38,000
Tweets
Bitcoin and other cryptocurrencies fall on mounting Russia-Ukraine tensions
Digital currencies fell on Tuesday as geopolitical tensions over Ukraine roiled global markets.
Bitcoin was last down about 0.5% at $38,011.54. The cryptocurrency sank as low as $36,370 in early morning trade, its lowest level in more than two weeks.
Cryptocurrencies across the market also pared back steeper losses from earlier in the day. Ether lost 1.4%, while Cardano’s ada fell 4.3% and XRP slid 6.9%.
Analysts attributed the drop to escalating tensions over the Russia-Ukraine crisis. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions in eastern Ukraine, moments after declaring them as independent.
“Bitcoin’s safe haven narrative has almost completely fallen apart as the rising possibility of military conflict and the worsening U.S.-Russia relationship puts the wider financial market in risk-aversion mode,” said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank.
Bitcoin is often touted by its proponents as a safe haven asset akin to gold, meaning it should offer a store of value in times of uncertainty.
Nerves surrounding the current events occurring between Russia & Ukraine have been pushing crypto down in price but I don’t expect this to continue for much longer. Typically the threat of these types of major global events occurring has more of an impact on the market than the actual event occurring (Source:
).
In terms of Bitcoin being a safe haven, I feel that the comparison between Gold and Bitcoin is often taken too far. The comparison is accurate in that they both are more difficult for the government to seize from you but it is inaccurate in that Bitcoin is still incredibly volatile.
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