您现在的位置是:With the Crypto market rallying, why is it up today? >>正文
With the Crypto market rallying, why is it up today?
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛4127人已围观
简介In the last 24 hours, the crypto market saw sharp rallies across the board. The war in Ukraine has b...
In the last 24 hours, the crypto market saw sharp rallies across the board. The war in Ukraine has become a turning point in the world order in many ways, one of which has been in demonstrating the might and use of these assets.
This article provides a brief overview of the main reasons the market is up today. These include increased crypto spending by Ukrainians and Russian citizens’ perception of it as a safe haven.
A historic moment for crypto adoption
The past weekend was a historic moment for cryptocurrency adoption. Ukraine posted an official plea for cryptocurrency donations on Twitter. Donations poured in, topping $15 million, which doesn’t include various other initiatives that have been organized to raise funds.
The Ukrainian government is using donated crypto to buy critical supplies, including gas, food and military equipment as the country continues to battle Russian forces tirelessly. It has been estimated that they have spent around $10 million in crypto so far.
The power of borderless currencies
The rush to support Ukraine financially highlights the power of borderless assets like Bitcoin and Ethereum and reminds of the critical role DeFi and other non-custodial solutions can play. People fleeing Ukraine only need a seed phrase to transport their Bitcoin or Ethereum.
Ukraine’s move to ask for crypto donations is an important milestone in the process of adopting the asset class globally. Naturally, that has reflected in its price growth.
The role of Russia in rising crypto prices
Russians are rushing to stock up on crypto in an effort to protect their assets and to bypass state-imposed capital controls. Sanctions against Russia are driving Russian citizens to buy it as a way of surviving the conflict, which led the ruble to shed more than 30% of its value.
Data of Chainalysis shows the Russian Federation ranks 18th in crypto adoption worldwide. There is no doubt that the conflict Vladimir Putin started will fortify this in the country. It might even push it to an all-time high as Russian citizens try to cope with the economic consequences.
A final contributing factor is the unwinding of net short positions by traders, which CoinDCX attributes to a short squeeze.
Major crypto price movements
Bitcoin (BTC/USD) gained 13% today, trading for more than $43,000 at the time of writing. The second-biggest cryptocurrency, Ethereum (ETH/USD), jumped by 10% in 24 hours. Binance Coin (BNB/USD), the fourth biggest crypto and the native token of Binance, gained 11% today.
Where to buy the rise
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Open AccountPlus500
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)
Register with Plus500 instantly 82% of retail CFD accounts lose money.Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/368945.html
相关文章
Interview with Dr. Lia Nower on crypto trading addiction
With the Crypto market rallying, why is it up today?This Q&A is the full interview with Dr Lia Nower. For our deep dive into cryptocurrency trading...
阅读更多
Where to buy TRON as TRX consolidates near $0.09
With the Crypto market rallying, why is it up today?The TRON token has seen a steady increase in trading volume and the coin could head towards another...
阅读更多
Infinity Skies rallies by 200% today as the broader market struggles
With the Crypto market rallying, why is it up today?The broader cryptocurrency market has underperformed over the last 24 hours, but Infinity Skies has...
阅读更多
热门文章
- Bitcoin price slips 4% as BitMEX charged in the US
- Interview with Dr Mark Griffiths, Nottingham Trent University, on cryptocurrency trading addiction
- Ripple CEO Speaks Up On India Reconsidering Ban On Crypto
- Chancer on a lightning presale, but how huge will P2P betting be?
- Huobi Expands To Russia With Dedicated Crypto Trading App
- Bitcoin dumps to $25k lows as crypto liquidations hit $1B