Will Russia's Victory Day Signal a Shift in the Crypto Market?

By Decentralized Bank | The Bank | 8 May 2022


Russia Russia's Victory Day is usually not an attention getter for the world. While the holiday is a bombastic display of Russia's military might, and is celebrated across the country, it is largely a domestic affair.

This year, things are different. Ironically, it is Russia's lack of military prowless that distinguishes this year's event. As Ukraine lies to the southwest, Russia is forced to address their ongoing invasion that enters its 10th week. The eyes of the world are on Russia to see how they will spin the narrative and set their military agenda in regards to Ukraine. Most likely, Putin will use the holiday to ignite new rigor in their invasion of Ukraine. Oil While having an effect on numerous markets, the oil market is the single greatest impacted by Russia's actions. Continued invasion might mean the price of crude to jump. However, the rise of Covid numbers in China may abate this uptick.

The world waits to see if whether Russia uses the celebration to declare war on Ukraine. While such a declaration would probably drive the price of oil up, the same may not be true for cryptocurriences. It could be argued that a war would lead many to turn to cyrtpocurriences. As the ruble looses value, cryptocurriences is a viable option. Bitcoin However, this is only my opinion so take it as mere non-professional speculation, I don't think this increase of crypto users would compensate for the overall decrease in the market. I'll be planning for the crypto market is be negatively impacted by Russia's Victory Day.

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Decentralized Bank
Decentralized Bank

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