It's no secret that war is expensive. Besides the monetary costs - lives lost, families devastated, and futures permanently altered. What about the war's other, less visible costs?
The last few weeks have been sobering moments for the world, and the cryptocurrency space has not been exempted. The Russian-Ukraine war took almost everyone by surprise, but the aftermath has not been that subtle. While the direct impact of the conflict may be felt more most in Ukraine, it has also sent shockwaves through the global digital currency markets.
The world was shocked when Vladimir Putin announced a special military operation in Ukraine. In the wake of the first attack, global markets responded accordingly, and the fragile American economy, which had been battling a 7% inflation rate, staggered. If there's anything we have learned, it is that conflicts have far-reaching consequences, no matter how local they may seem at first glance.
The US and the EU responded with tough economic sanctions targeted at crippling the Russian economy and isolating it from global commerce. By seizing several Russian foreign assets, looking for alternatives to Russian oil, and removing seven banks from the SWIFT network, the West made a bold statement showing that they would not allow any oppression to have a field day. On the other hand, Ukraine has enjoyed military aid from several countries and has received over $108m in donations across all government crypto accounts. What does this mean for cryptocurrency? And how has the cryptocurrency market fared since the start of the war?
In this article we will look at how the Russian-Ukraine war is affecting cryptocurrency—and how cryptocurrency may be impacting the war itself.
https://redot.com/blog/the-effect-of-the-russian-ukraine-war-on-cryptocurrency-and-vice-versa/