Why Bitcoin, Ethereum, Dogecoin, XRP, and Shiba Inu Popped
The world had not been the same ever since the introduction of spellbound cryptocurrency Bitcoin way back in 2008. Was that a smart move? Were the proponents of cryptocurrency able to navigate through the crypto world that they held so close to their hearts? Well, the answer to such pressing questions is “YES.” It will not be wrong to say that the world was certainly not prepared to pave the way for such disruptive forces which will dismantle the entire apparatus of Blockchain technology systems. This has now become a reality that governments all over the world are forced to acknowledge.
The rise & rise of cryptocurrencies on all fronts reflects the mindset of millions of users who were desperately looking forward to a leeway that could save them from outrageously high transaction fees imposed by financial intermediaries. However, such institutions have come to grips with the fact that customers need the freedom to operate in the financial world which was somehow restricted by the conventional financial systems.
Nonetheless, the need for enough room to operate has been provided by the proliferation of cryptocurrencies in today’s hyper-competitive world. It is high time for such cryptocurrencies like Bitcoin, XRP, Shiba Inu, Dogecoin, Ethereum to navigate through the financial model of digital transactions and facilitate the customers with transparency & robust security.
War comes at a cost
The recent war that broke out between Ukraine & Russia was entirely unprecedented and Russian forces continue to make inroads into the foreign territory with full battalions. But what does that mean for the crypto world? Is it a red flag from all ends? What can investors learn from the latest debacle? What will the future entail for investors & traders amid a constant back-and-forth between Russia & Ukraine? Bitcoin Era will take you down the rabbit hole where it all started and you will start realizing the gravity of events by the looks of it.
Cryptocurrencies took a massive blow when the war broke out between both the hostile countries and the prices of such digital currencies tumbled down radically. However, good news came in the form of such cryptocurrencies bouncing back in response to the hit triggered by the war. Sanctions on Russia were being imposed by the majority of western countries with a view to putting a leash on Putin’s arsenal but that went in vain and nothing really came out of it. Ukraine was being decimated by the Russian army and this is where the situation escalated quickly and stoked reactions from all the international players.
Food for thought!
Imposing stringent sanctions on Russia might not sound good but it is undoubtedly a piece of great news for the crypto industry. Leading investors were of the view that sanctions will propel the prices of all the affected cryptocurrencies. As per the latest developments, major Russian banks have already been excluded from the international fraternity of banks, and such Russian accounts are frozen by the commanding authority. There are also constant speculations about eliminating Russia’s membership from the international SWIFT system. This is undeniably a bold move that might cripple Russia’s ability to develop cordial relations with the majority of developing countries.
All the cross-border payments, asset transfers & money transfers are also in jeopardy if one views it from a Russian standpoint. This is indeed a crippling blow that no country would want to witness in this modern era. Now, if the official means of conducting transactions get affected by the war, then there is every possibility of the Russian population switching from the traditional to the crypto industry. Hence, this might just provide the necessary impetus to the crypto world as far as Russia is concerned.
Conclusion
War always comes with a cost and this is what determines the resilience of any financial system in place when they get tested during volatile time periods such as this. Cryptocurrencies were swept away at the initial phase of the war but gained their position back soon after. However, the prices continue to dwindle as the situation escalates between both countries. It is only a matter of time before this turbulent time will pass away and we will witness the resilience of cryptocurrencies fair & square.
Read more: The Metaverse is money, and crypto is king
Read more: Top Gaming and Metaverse Cryptos for 2022
Read more: Altcoins; Choosing Amongst Them
