Here’s Why The Crypto Market Is Down Today!
The post Here’s Why The Crypto Market Is Down Today! appeared first on Coinpedia Fintech News
Iran – Israel War, Geopolitical issues, SEC regulations, and inflation are heating the market and that’s reflected in the crypto assets this week. In a recent video analysis by BitBoy Crypto, the focus was on the potential impact of geopolitical developments on the crypto market, particularly regarding the future of the US dollar hegemony and the emergence of alternative trading blocs like BRICS (Brazil, Russia, India, China, and South Africa). However, he also emphasizes how this shift could disrupt the existing order, especially considering the political tensions in regions like Ukraine and the Middle East.
Why Crypto is Down?
BitBoy Crypto, also known as Ben Armstrong, has shed some light on the significance of a new development bank proposed by BRICS, which could challenge the dominance of the US dollar, especially if major oil-producing nations like Saudi Arabia and the United Arab Emirates begin trading in local currencies instead of the dollar.
The analysis highlighted the historical context of the Petrodollar system, an agreement that has underpinned global oil trade since the 1970s, ensuring oil transactions are settled in USD. BitBoy Crypto discussed the potential implications of countries like China, Russia, and Iran moving away from dollar dependency, which could lead to a decline in the dollar’s role as the primary global reserve currency.
In addition, the expert investigated recent political tensions, such as US sanctions against Russia and Venezuela, as well as how conflicts in places like Ukraine and the Middle East might affect energy markets around the world. He stressed that buyers should keep up with these events because they could have big effects on financial markets, including cryptocurrencies.
