Here’s Why Cryptocurrency Becomes Financial Refuge In Russia-Ukraine War

The post Here’s Why Cryptocurrency Becomes Financial Refuge In Russia-Ukraine War appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin, Ethereum, and other cryptocurrency prices have swung wildly over the last week as Russia’s invasion of Ukraine sends shockwaves through global markets.

After the war, Bitcoin resurged to 39K and remained in a positive zone above the $38K pivot level. Cryptocurrencies have also become defensive assets in this war.

Bitcoin Could Help Russia Evade Economic Sanctions

On Feb 26, the US and its Western allies blocked certain Russian banks’ access to the SWIFT international payment system, ratcheting up the pressure on Moscow as it continues its military attack on Ukraine.

More and more new sanctions and limitations on Russia are introduced by the U.S. and EU,  however, rely heavily on banks to enforce.

Those measures are becoming increasingly easy to evade, thanks in part to a surge of cryptocurrency adoption in Russia, reports CNN.

“If the Russians decide – and they’re already doing this, I’m sure – to avoid using any currency other than cryptocurrency, they can effectively avoid virtually all of the sanctions,” Ross S.

Delston, an expert on anti-money laundering compliance, was quoted as saying in the report. Bitcoin surged to $39,000 in a quick rally following Biden’s sanctions.

Cryptocurrency Became the New Way Out for Ukrainians

The Ukrainian war broke out and the central bank has ordered the suspension of foreign exchange market transactions and electronic fund transfers on the Feb.

24th. Some Ukrainians have turned to cryptocurrency for safety. Meanwhile, cryptocurrency donations to Ukraine through government and private channels have topped US$36 million as contributions continue to mount throughout the Russian invasion.

“We don’t trust the government. We don’t trust the banking system. We don’t trust the local currency,” said Michael Chobanian, founder of Kuna, in an interview with Coindesk. “The majority of people have nothing else to choose apart from crypto.”

The Russian-Ukrainian war has made cryptocurrencies a new way for many Russians and Ukrainians to avoid economic sanctions and crises.

A bull run of the crypto market is in sight and now is the time to invest in Bitcoin. If you want to maximize your profits and minimize the risk, the tool of 100 times leverage is highly recommended.

How to Utilize 100x Leverage to Maximize the Profit in Trading?

With 100 times leverage, traders can use 1 BTC to open a position of 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down).

Assume we use 1 BTC to open a long contract when Bitcoin is trading at $35,000. With 100x leverage, we can open a position worth 100 BTC using funds borrowed from the trading platform.

When the price of Bitcoin increases to $40,000. The profit will be ($40,000 – $35,000) * 100 BTC/$40,000 = 12.5 BTC, making the ROI of 1250%!

Recommended Exchanges with 100x Leverage

Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on various trading pairs: BTC, ETH, ADA, DOGE, XRP, etc.

Bexplus doesn’t require KYC and is popular among over one million traders worldwide. Users can enjoy 24*7 customer support here. In addition, it is safe for being accredited by MSB (Money Services Business).

Popular Features of Bexplus

• 100x leverage is offered to maximize trading profits.
• 100% bonus for every deposit.
• A Bitcoin wallet with an annualized interest rate of up to 21%.
• No KYC requirement, registration with Email verification within a few minutes.
• Demo account with 10 BTC for traders to get familiar with leverage trading.
• Intuitive and full-featured App on Apple App Store and Google Play.
• 7/24 hours one-to-one service to solve your problems at any time.
• Fast withdrawal without any time limit, and no deposit fee.
• Copy Trading provided to allow superior traders to make profits for you.

Do not hesitate to join Bexplus and enjoy a 100% BTC bonus now.