Despite numerous calls that these sanctions are the beginning of the twilight of dollar hegemony, China’s financial infrastructure just isn’t up to the task of replacing it...BTC, ETH continue their momentum. thesamreynolds and JPRubin23 report
Bitcoin, ether and other major cryptocurrencies continued their momentum from Monday even as Russia escalated its efforts to take control of Ukraine.
Cryto's performance veered markedly from equities, particularly risk-on stocks. Among the major indexes, the S&P 500 and tech-heavy Nasdaq fell 1.6% and 1.5%, respectively. A number of analysts say that the invasion has highlighted cryptos' potential usefulness for investors. Meanwhile, Russian investors have been looking at crypto as a workaround to economic sanctions by the European Union and U.S. In its report, Arcane Research wrote of a"massive increase in the ruble pairs on Binance, particularly in USDT," and in bitcoin volume.
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