Ukraine Crisis Brings The Bear Market

February 23, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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Crypto market has turned red this weekend as fears about a Russian invasion continue to grow among the community. The bigger the fears of invasion, the larger the sell-off in the cryptocurrency market. And if the conflict doesn’t stop between Ukraine and Russia then we could see the crypto market fall even further into red.
But that hasn’t been the only market to suffer under this conflict.The traditional financial markets has also been seen in red. We have witnessed however, that cryptocurrencies have been highly correlated with international financial markets over the last few months.

Wall Street stocks ended a volatile week with a sour tone as investors weighed escalating geopolitical tensions at the border of Russia and Ukraine. US President Joe Biden warned about an imminent Russian attack after reports showed increased outbreaks of violence and ceasefire violations in the area. He saidon Friday that Russia may attack multiple Ukrainian cities beyond the capital of Kyiv. Gold prices rallied alongside crude oil, both of which are highly sensitive to geopolitical risks. Stocks pulled back alongside Bitcoin, underscoring anti-risk sentiment as the political skies remain far from clear.

This also shows that there is a larger number of institutional investors interested in Bitcoin and other virtual currencies than previous thought.
Great example is Bulgaria. The Bulgarian Stock Exchange has recently launched eight ETNs based on two digital currencies, bitcoin and ethereum, following in the footsteps of major European exchanges such as Deutsche Börse and Euronext. Bulgarians can now invest in crypto assets through their country’s stock market.

“With the new products of BSE International, we meet the increased market interest in crypto instruments. We are pleased to be able today to offer an alternative asset for trading in cryptocurrencies, making the process easier and simpler for all interested investors.”- stated BSE Executive Director Prof. Dr. Manyu Moravenov.

He further stated that ETNs will allow investors to put money into digital assets without the need to create and own crypto wallets and cryptographic keys, however, in the same time they will have access to regulation-compliant crypto instruments.
The trading of crypto-based ETNs is in continuation of BSE’s long-term partnership with Deutsche Börse and the market maker Tradegate AG. This will ensure the liquidity of the crypto instruments. The products are traded in euros and during the regular trading session.
Bulgaria’s Finance Minister Asen Vasilev has stated that the Southeast European nation, a member state of the European Union, is exploring options to facilitate cryptocurrency payments.
A crypto payment mechanism may be introduced “in the short to medium term.” He added that the executive power in Sofia is discussing the matter with the Bulgarian National Bank and representatives of the country’s crypto industry.

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