Taiwan and Singapore are not stable coin fans, and major cryptos are declining as the Russian invasion approaches.

Market movements: As tensions on the Russia-Ukraine border grew, Bitcoin and most other major cryptos plummeted. Russian President Vladimir Putin’s remarks brought the world closer to conflict.

Changes in the market

  • As a Russian invasion of Ukraine grew closer, most major cryptocurrencies plummeted on Monday. President Vladimir Putin of Russia declared in a televised address to his audience that he would recognize two pro-Russia breakaway republics in Eastern Ukraine and outlined a case for invading Ukraine, claiming that the country’s pro-Western government constituted a threat to Russia.
  • Earlier in the day, a Kremlin spokesman claimed there were no “concrete arrangements” for a meeting between Putin and US President Joe Biden, despite reports that 150,000 Russian troops were moving closer to the Ukraine border. Worried investors have been adopting more risk-averse tactics in recent weeks in expectation of increasing oil prices, US and European allies sanctions on Russia, and Russian retaliation, all of which would likely hurt a global economy already battered by inflation and supply chain disruptions.
  • The Biden administration slapped sanctions against the separatist Ukraine republics after Putin’s address. Brent crude oil’s per-barrel price soared beyond $97, and almost 4% increase.
  • Bitcoin, the largest cryptocurrency by market capitalization, was trading at over $37,500 at the time of writing, down more than 3% in the preceding 24 hours. Ether, the second-largest cryptocurrency by market size, was down around 1.6 percent over the same time period. Other big cryptocurrencies had negative statistics.
  • Although U.S. equities markets were closed for the national Presidents Day vacation, major European stock indexes such as the FTSE 100, the DAX in Frankfurt, and the CAC 40 in Paris finished in the red. Most major Asian indices fell on Monday, including Japan’s Nikkei 225, Hong Kong’s Hang Seng, and the Asia Dow.
  • “Such is the sensitivity on the financial markets right now, temporary confidence can evaporate quickly, and that’s what we’ve seen today after what appears to be another deterioration in relations between Russia and Western powers,” wrote Susannah Streeter, senior Investment and markets analyst at Hargreaves Lansdown, in an email.

Conclusion

  • “With the exception of oil and gas, Russia is very irrelevant in the world economy.” It’s essentially a large petrol station.” (Harvard economist and former President Obama adviser Jason Furman to The New York Times)… “As for those who have taken and are retaining power in Kyiv, we demand that they immediately halt military action.” If not, the whole responsibility for the risk of more violence would fall squarely on the conscience of the dictatorship administering Ukraine’s land.” (Vladimir Putin delivers a televised speech) … As speaker Abbey Titcomb of Radicle pointed out, Ethereum politics is still mostly a capitalist framework. But what distinguishes Ethereum politics from the hyper-capitalist libertarianism sometimes advocated by bitcoiners is an unwavering understanding that markets are imperfect.

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