Moscow, Europe Brief News – Rising tension and emerging rules in Europe can only predict two things; first, is it safe enough to invest in crypto? And can Russia become a crypto superpower?
Chris Weston, Head of Research at Melbourne-based Brokerage Pepperstone said “I do not see any evidence of bitcoin being a safe haven”.
He further added that “The Ukraine situation with Russia is a really hard one to price, so in that situation, you just buy crude futures”.
Bitcoin has experienced a huge dip in its price and closed at a level of $42,000 in the last few days. The good thing is it has not given up all the gains made from lows of $32,950 hit on Jan 24.
Some of the investors have suggested that the trading has been phenomenally on the calmer side even during the times of intensified geopolitical tensions as Russia is expecting to invade Ukraine any time soon.
Bitcoin’s average 30-day vitality has dropped to 3.48% compared to what we have witnessed during the 2021 with average 4.56%.
Matthew Dibb, Chief operating officer of Singapore-based Crypto platform stack funds said “ We are seeing some traditional safe havens pop off with Ukraine and Russia situation, we have not really seen that in Crypto”
Crypto Superpowers
Since we are aware of the fact that Russia is making efforts to make cryptocurrency trading more transparent, Russia is expected to announce the new rules for crypto assets that can change the whole dynamics of cryptoworld.
Russia is showing more interest in crypto investment lately and has seen an amount of growth in the last few years after China imposed a ban on any crypto mining related activity.
According to the data, As of last august , Russia has emerged as the third biggest centre for bitcoin mining in the world.
The Authorities have shared that they were making their efforts to come up with rules and regulations to enable crypto purchases to happen only through locally registered and verified companies.
Major industry players welcome this news as a blessing as the central bank recently imposed a ban on the mining of cryptocurrency.
Alexei Moiseev , Russian Deputy Finance Minister said that we are putting in a system that ensures the money flows and traces the transactions easily.
