{"id":484840,"date":"2022-03-01T16:21:19","date_gmt":"2022-03-01T16:21:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=484840"},"modified":"2022-03-01T16:24:09","modified_gmt":"2022-03-01T16:24:09","slug":"russia-cant-rely-on-crypto-as-shield","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/russia-cant-rely-on-crypto-as-shield\/","title":{"rendered":"Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say"},"content":{"rendered":"

Using crypto as shield to save the country’s financial system from further collapse may not be the best solution for Russia in its ongoing invasion of Ukraine.<\/p>\n

As Russia continues to pound the country with bombs and missiles, many expect this would deal a heavy blow on cryptocurrencies as well.<\/p>\n

But, nope.<\/p>\n

Bitcoin, as it turns out, has just breached the $40,000 mark while Russia\u2019s currency sank to a record low and Moscow was hit with new economic sanctions.<\/span><\/p>\n

Related Article | Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report<\/a><\/strong><\/em><\/p>\n

According to the latest data from CoinMarketCap, Bitcoin had jumped 14% over the last 24 hours to $43,163, hitting a record high since February 20.<\/span><\/p>\n

Other cryptocurrencies also rose in value. Ethereum climbed to 10% Tuesday and reached<\/span> $2,878 while Dogecoin moved up to about 6%.<\/span><\/p>\n

Terra and Solana also experienced significant value spikes. Terra moved up by 9.5%, while Solana peaked by nearly 8%.<\/span><\/p>\n

On Explosions And Sanctions<\/b><\/h2>\n

After Russia\u2019s invasion of Ukraine on February 24, Bitcoin\u2019s value sank together with other crypto.<\/span><\/p>\n

In the first day of the occupation, the crypto market plummeted to a total of $1.6 trillion in market capitalization, roughly around 5%. An hour after the war broke, Bitcoin fell by $2,000, to $35,000.<\/span><\/p>\n

Aside from the crypto industry, stock markets also took a beating during the ongoing crisis, with the Dow Jones Industrial Average dropping by 1.4%.<\/span><\/p>\n

According to Arcane Research head Bendik Schei, investors are \u201ctrying to get out of the ruble\u201d because of its \u201cdrastic devaluation after all the sanctions.\u201d<\/span>\u00a0<\/b><\/p>\n

In fact, more crypto users have been moving their assets from Bitcoin to Tether, since the latter is popularized as \u201cstable\u201d as the US dollar.<\/span><\/p>\n

\u201cThis is where they find the most comfort at the moment. Under the current market conditions, I\u2019m not surprised to see investors, at least those in Russia, seeking stablecoins\u2026 this is about saving their funds, not investing,\u201d Schei added.<\/span><\/p>\n

<\/p>\n

BTC total market cap at $829.280 billion in the daily chart | Source: TradingView.com<\/a><\/pre>\n
The Great Rubble Collapse<\/b><\/h2>\n
With the diplomatic tensions unfolding, western countries have frozen the assets of Russia\u2019s central bank to make it harder for the country to counter the sanctions\u2019 effects on their economy.<\/span><\/p>\n
Economists are referring to the \u201crainy day fund,\u201d which Moscow authorities had admitted to be its safety net for its invasion of Ukraine.\u00a0<\/span><\/p>\n
Since the US and European countries directly use international banks to enforce sanctions, Russia is trying to connect with financial institutions willing to deal with them.\u00a0<\/span><\/p>\n
Rather than relying on currency reserves to nudge the declining ruble, Russia can no longer access the funds that it keeps in US dollars.<\/span>–<\/span><\/p>\n
On Monday, Russia’s economy was already in free fall. The ruble fell to a record low, the central bank increased its benchmark interest rate to 20%, and the stock exchange remained closed.<\/span><\/p>\n
Crypto As Shield Not Enough<\/h3>\n
According to cryptocurrency specialists, Russia’s situation is different, with the country having less room to maneuver because of the magnitude of the economic damage and its limited use of digital currencies.<\/span><\/p>\n
Unlike other nations, Russia has been a long-standing participant in the international economic and financial market.\u00a0<\/span><\/p>\n
Around 80% of all foreign exchange transactions in Russia are in US dollars.<\/span><\/p>\n
Cryptocurrency analysts are now saying that Russia will not be able to avoid sanctions for its invasion of Ukraine only on the basis of cryptocurrencies.<\/span><\/p>\n
Related Article | Bitcoin Staggers After Putin\u2019s Nuclear Deterrence Alert Warning<\/a><\/strong><\/em><\/p>\n
New sanctions against the country\u2019s central bank were announced by the United States, the United Kingdom, the European Union, and Canada on Monday.<\/span><\/p>\n
The US Treasury now restricts the flow of Russian foreign reserves worth $640 billion.<\/span><\/p>\n
\u201cIt is very difficult to move massive amounts of crypto and convert it to usable currency,\u201d Ari Redbord of TRM Labs, a blockchain intelligence firm, said.<\/p>\n
For Russia to be able to extricate itself from the misery of the West’s sanctions, it must do more than just turn to cryptocurrencies and believe it is where it will be safe.<\/p>\n
Featured image from Business Today, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Using crypto as shield to save the country’s financial system from further collapse may not be the best solution for Russia in its ongoing invasion of Ukraine. As Russia continues to pound the country with bombs and missiles, many expect this would deal a heavy blow on cryptocurrencies as well. But, nope. Bitcoin, as it turns out, has just breached the $40,000 mark while Russia\u2019s currency sank to a record low and Moscow was hit with new economic sanctions. Related Article | Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report According to the latest data from CoinMarketCap, Bitcoin had jumped 14% over the last 24 hours to $43,163, hitting a record high since February 20. Other cryptocurrencies also rose in value. Ethereum climbed to 10% Tuesday and reached $2,878 while Dogecoin moved up to about 6%. Terra and Solana also experienced significant value spikes. Terra moved up by 9.5%, while Solana peaked by nearly 8%. On Explosions And Sanctions After Russia\u2019s invasion of Ukraine on February 24, Bitcoin\u2019s value sank together with other crypto. In the first day of the occupation, the crypto market plummeted to a total of $1.6 trillion in market capitalization, roughly around 5%. An hour after the war broke, Bitcoin fell by $2,000, to $35,000. Aside from the crypto industry, stock markets also took a beating during the ongoing crisis, with the Dow Jones Industrial Average dropping by 1.4%. According to Arcane Research head Bendik Schei, investors are \u201ctrying to get out of the ruble\u201d because of its \u201cdrastic devaluation after all the sanctions.\u201d\u00a0 In fact, more crypto users have been moving their assets from Bitcoin to Tether, since the latter is popularized as \u201cstable\u201d as the US dollar. \u201cThis is where they find the most comfort at the moment. Under the current market conditions, I\u2019m not surprised to see investors, at least those in Russia, seeking stablecoins\u2026 this is about saving their funds, not investing,\u201d Schei added. BTC total market cap at $829.280 billion in the daily chart | Source: TradingView.com The Great Rubble Collapse With the diplomatic tensions unfolding, western countries have frozen the assets of Russia\u2019s central bank to make it harder for the country to counter the sanctions\u2019 effects on their economy. Economists are referring to the \u201crainy day fund,\u201d which Moscow authorities had admitted to be its safety net for its invasion of Ukraine.\u00a0 Since the US and European countries directly use international banks to enforce sanctions, Russia is trying to connect with financial institutions willing to deal with them.\u00a0 Rather than relying on currency reserves to nudge the declining ruble, Russia can no longer access the funds that it keeps in US dollars.– On Monday, Russia’s economy was already in free fall. The ruble fell to a record low, the central bank increased its benchmark interest rate to 20%, and the stock exchange remained closed. Crypto As Shield Not Enough According to cryptocurrency specialists, Russia’s situation is different, with the country having less room to maneuver because of the magnitude of the economic damage and its limited use of digital currencies. Unlike other nations, Russia has been a long-standing participant in the international economic and financial market.\u00a0 Around 80% of all foreign exchange transactions in Russia are in US dollars. Cryptocurrency analysts are now saying that Russia will not be able to avoid sanctions for its invasion of Ukraine only on the basis of cryptocurrencies. Related Article | Bitcoin Staggers After Putin\u2019s Nuclear Deterrence Alert Warning New sanctions against the country\u2019s central bank were announced by the United States, the United Kingdom, the European Union, and Canada on Monday. The US Treasury now restricts the flow of Russian foreign reserves worth $640 billion. \u201cIt is very difficult to move massive amounts of crypto and convert it to usable currency,\u201d Ari Redbord of TRM Labs, a blockchain intelligence firm, said. For Russia to be able to extricate itself from the misery of the West’s sanctions, it must do more than just turn to cryptocurrencies and believe it is where it will be safe. Featured image from Business Today, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":484847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[6664,3730,7487,4276],"class_list":["post-484840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-crypto","tag-russia","tag-sanctions","tag-ukraine"],"acf":[],"yoast_head":"\nRussia Can't Rely On Crypto As Shield From Crippling Sanctions, Analysts Say<\/title>\n<meta name=\"description\" content=\"Using crypto as shield to save the country's financial system from further collapse may not be the best solution for Russia in its ongoing invasion of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/ktsl888.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say","url":"http:\/\/ktsl888.com\/news\/russia-cant-rely-on-crypto-as-shield\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/russia-cant-rely-on-crypto-as-shield\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Crypto-as-shield.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Crypto-as-shield.jpg?fit=1200%2C900"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","russia","sanctions","ukraine"],"dateCreated":"2022-03-01T16:21:19Z","datePublished":"2022-03-01T16:21:19Z","dateModified":"2022-03-01T16:24:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/russia-cant-rely-on-crypto-as-shield\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/russia-cant-rely-on-crypto-as-shield\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Crypto-as-shield.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Crypto-as-shield.jpg?fit=1200%2C900\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"russia\",\"sanctions\",\"ukraine\"],\"dateCreated\":\"2022-03-01T16:21:19Z\",\"datePublished\":\"2022-03-01T16:21:19Z\",\"dateModified\":\"2022-03-01T16:24:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Crypto-as-shield.jpg?fit=1200%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/484840"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=484840"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/484840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/484847"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=484840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=484840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=484840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}