I didn't want to write about Russia again, but here we are. Looks like they might be joining the Fudistan Archipelago.
There's some serious irony when a central bank, an arbiter and controller of alleged stability within markets and economies, opens its fat f***'n mouth and crashes markets. Don't they even know their own power and responsibility? To use their own words against them, in this instance, they ARE the volatility in crypto. These people in most cases have dedicated their careers to understanding markets, yet when it comes to crypto they're deer in the headlights as well as the careening semi-truck itself smashing themselves and everything, they can't wrap their heads a round any of this or crypto. Crypto is currency and markets just better, and more!
Long story short, Russia's central bank announced its wishes for crypto bans in Russia. This despite historic support from Putin. Maybe these morons will get thrown out a window, or maybe this is all part of a plan. That's two days in a row there's Russian related news affecting global and crypto markets.
In contrast, yesterday the US federal reserve issued a paper and public discussion regarding crypto regulations and how to implement US CBDC (central bank digital currency). Interesting timing though, ya? To paraphrase one of Canada's crypto super advocates, Greg Foss, he's previously said that China's crypto ban could be a 'gift to the West," but only if we take the officially take the opportunity to get regulations right and or completely integrate Bitcoin with central banks.
If you stick your wet finger in the winds you can get a sense for where we are. This is likely technical market bottom. And if it's not, well, then you don't want to know what the bottom is, because it's a lot further down from here. Keep hodling or get out if you're willing to bet for or against Russia, it doesn't seem we have a choice at the moment.
Hang on tight Cryptopians, 2022 is going to be a kickin' bull ride. Stick it out and you get a prize, more crypto than the poor schmucks that slept on it longer than you did. Btw, crypto class of 2021 is like the Baby Boomers of crypto. There's more 2021'ers than everyone else in crypto combined. If we have another record breaking year, 2022 will be the Millennials of crypto. Our time and their time will all come. Hodl on, and try not to get licked like 40% of the market has since Nov 29th.