How the crypto market is braving the geopolitical crisis

economictimes.indiatimes.com:

This is surprising because with cryptocurrency and crypto exchange platforms, like CoinSwitch, becoming a more mainstream part of the global financial system, as they have done in recent years, their vulnerability to the effects of international conflict increases.Crypto prices rally: The facts and the context

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You can earn interest like bank savings account on your Bitcoin wallet

When Russian President Vladimir Putin announced a “military operation” in Ukraine, the crypto market plummeted by around 10%. But as always it recovered, and in no time indeed. The crypto market hit a new record, and they are now worth more than $3 trillion. Bitcoin, which was down by 8%, has now risen by over 15% in the last seven days. According to crypto data company Kaiko, after the conflict began, transactions on centralized Bitcoin exchanges in the Russian Ruble and the Ukrainian Hryvnia have risen to the highest in months. The Russia–Ukraine conflict has made cryptocurrencies an unlikely weapon, and both countries are leveraging it to their own ends—for better or for worse. While Ukraine is receiving donations from across the globe from the crypto community, the Russian Ruble is seeking refuge in crypto assets. Various countries—the United States, European Union, Australia and Japan, among others—have issued heavy sanctions in response to Russia’s invasion. This has put a lot of pressure on the Russian fiat currency, making it possible for cryptos to rally.Reasons for the rally It’s quite normal for cryptocurrencies to fluctuate, but this time things are different. Despite the ongoing global crisis, the market is stronger than ever. The notion that digital currencies are safe assets is going very