It is reported that some Russian troops are being pulled away from the Ukrainian border back to their regular bases, causing bitcoin (BTC-USD +3.1%) to rise toward $45K per token. In addition, all three major stock indices are rising, along with global equities, as Russia-Ukraine tensions ease. Yields are rising, but commodities are mostly in the red. Meanwhile, the global crypto market cap has climbed back below $2 trillion, with Ethereum (ETH-USD +5.1 percent) surpassing $3000 and Binance coin (BNB-USD +6.6 percent), ripple (XRP-USD +3.1 percent), Cardano (ADA-USD +4.2 percent), Solana (SOL-USD +4.8 percent), terra (LUNA-USD +3.4 percent), avalanche (AVAX-USD +8.8 percent), and dogecoin (DOGE – USD +2.0%) are all erasing losses from last week.
The level of geopolitical tension in the last three weeks for right now appears to be easing, according to Managing Partner Kenny Polcari of Kace Capital Advisors. Speculators appear to be increasing their risk appetite for “bargain hunting,” Polcari told Bloomberg.
The Russian government has been pushing to allow digital assets in order to attract foreign investment, despite the central bank’s views on cryptocurrencies. Bloomberg reported Monday, citing Bank of Russia Governor Elvira Nabiullina at a press conference Friday, “The approaches proposed by the government do not neutralize the risks that we see today, and at the same time, they create new ones.”
Russian officials objected to the central bank’s crypto ban at the end of January. A day later, President Vladimir Putin asked the central bank and Finance Ministry to come to terms with cryptocurrency regulation.