Commodity price increases may eat into India’s rising thirst for cryptocurrencies; bitcoin and ether are about flat for the day.
The strong price gain seen in bitcoin earlier this week appeared to come to an end on Wednesday, as Federal Reserve Chair Jerome Powell repeated the US central bank’s plan to hike interest rates this month for the first time since 2018.
Continued concern over the expected U.S. Fed rate hikes in March, as well as increasing tensions in Eastern Europe, afflicted the market for most of February, though prices rebounded towards the month’s close, the crypto exchange Kraken noted in an emailed report on Wednesday.
According to Katie Stockton of Fairlead Strategies, prices might rise to $50,000. In an email sent Wednesday, Stockton state that their short-term gauges are pointing up, but risk is heightened in this environment.
As Russia escalated its rocket attacks on major Ukrainian cities, a 40-mile military convoy barreled toward the capital city of Kyiv, and Ukrainians continued a desperate and increasingly resourceful defense of the country, the sad saga of the war in Eastern Europe appeared likely to worsen in the days ahead, if not beyond.
The UN General Assembly also strongly condemned Russia’s unjustified attack on Wednesday, with 141 member countries voting in support of the resolution and only five, including Russia, voting against it. China, India, Pakistan, Vietnam, and India were among the 35 nations that did not vote.
Bitcoin was relatively unchanged over the previous 24 hours at the time of writing, just around $44,000. Ether, the second largest cryptocurrency by market capitalization, was likewise around where it was a day ago. The majority of the big cryptocurrencies were marginally off.
The Russian Invasion of Ukraine Harms Asian Economies, Especially India
The Russian invasion of Ukraine is still in its early stages, but it is already affecting Asian economies in ways that will most likely reverberate across the crypto industry.
Commodity prices increased in India, which is a major importer of Ukrainian sunflower oil. Commodity price increases could eat into India’s soaring thirst for cryptocurrency. Because of its young population and expanding disposable incomes, India remains one of the world’s top crypto marketplaces.
According to a January Economic Times report, 20 million Indians had signed up for trading accounts by 2021. CoinSwitch Kuber, India’s largest crypto exchange, has recorded a 3,500% increase in transaction volumes and hit 14 million customers.
The country, which imports most of its weapons from Russia, hasn’t commented on the incident. On Wednesday, the United States was one of only 35 countries to vote against denouncing Russia’s activities. Some officials even claimed this week that they would help Russia avoid sanctions by creating rupee accounts.
China, Pakistan, and Vietnam voted nay because of Russia’s invasion of Crimea eight years ago.
Traders depreciated the Taiwanese dollar, fearing a more confident China might expand its military presence surrounding the island.
MX Global is one of four digital asset exchanges certified by the Securities Commission Malaysia in July 2021. Malaysia’s crypto sector is young but developing. CoinGecko, a Malaysian firm, has recently become a prominent crypto service provider tool.
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