February 17th 2022 - War, Crypto and Historical Ironies

As I write this, price of Bitcoin experienced another major plunge, more than 4 percent. So, if the trends continue, it is very likely that Bitcoin will again fall below 40000 US$, which so many crpyto-pundits see as another important psychological mark that should decide whether crypto is in bear market or not. With Bitcoin, predictably, everything else, including HIVE, goes down. The only exception relevant to this particular (Leofinance) community appears to be Cub, mostly because of its extremely low market cap which seems to protects it from macroeconomic woes.

Again, what happens with crypto today has very little or nothing to do with crypto. This is, very simply, consequence of stock market negative trends which are, in many ways, caused by rising US inflation and/or apparently escalating geopolitical crisis over Ukraine. The latter seems to be making investors on Wall Street and elsewhere especially jittery, with news about serious major shelling over the line of separation between Ukrainian and pro-Russian separatist forces, Russia expelling US deputy ambassador and Joe Biden “sensing” that the Russian invasion of Ukraine is “imminent”.

Even if the war, which anyone with a functioning brain would work very hard to avoid, doesn’t start and all talk about “imminence” ends like in previous occasions, it is very likely that, in the absence of some spectacular long-lasting diplomatic solution, the crisis will persist and continue to be dark cloud over world’s market and crypto. Ironically, this happens just as Ukrainian Supreme Rada has finally passed the law formally legalising Bitcoin and other cryptocurrency, and shortly after Russia hinted that would do the same.

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