MoonXBT Joins Forces in Boosting Confidence in Cryptocurrencies Amid Russia-Ukraine Crisis
Cryptocurrencies have become center-stage in aiding Ukraine amid the Russia-Ukraine crisis. Many crypto exchanges have rolled out rewards for Ukrainian account holders and donations to Ukraine and crypto entrepreneurs have made donations to Ukraine. “This conflict has shocked our community,” said George Lee, COO of MoonXBT, “our community is leveraging our network and resources to support those in need. I am proud that being a part of the community, MoonXBT can be a contributing force to this effort”.
MoonXBT will now join the bandwagon. With peace kept in mind and making its own contribution, MoonXBT will reward 55 USDT to all users who register and deposit from Ukraine and Russia. Users who complete registration and depositing will receive bonuses in different amounts. The event lasts from Feb 28 to Mar 7, 2022. Lee highlighted that socializing is one of the distinguishing features of MoonXBT and “We hope users can express their opinions and strategies freely”.Lee said, “MoonXBT believes the key to a good user experience is a healthy ecosystem that comes with abundant information, and the community created by MoonXBT is such a healthy ecosystem that keeps up with the times.”
Russia’s sweeping strike on Ukraine has sent the global market to acute tumbling. The precious metal market suffered from sharp swings around the world since Russia is the third-largest producer of gold and the largest producer of palladium and platinum. Meanwhile, stock markets, bonds, and currencies in Russia and elsewhere were also roiled by the Russia-Ukraine crisis. The crypto industry plunged from the impacts of the Russia-Ukraine crisis as investors turned risk-averse. Cryptocurrencies saw $242 million in liquidations soon after Russia’s strike on Ukraine, according to CoinDesk.com. Bitcoin fell 8% in one day to a price of $34,324, while Ethereum, Solana, and Shiba Inu all fell as much as 10% within 24 hours.
This has led a number of media outlets and analyses to question whether bitcoin is the “digital gold” backers believe it to be. Craig Erlam, senior market analyst at OANDA said to MarketWatch that this shows bitcoin is just a risk asset as “risk-aversion has swept through the markets with investors favoring traditional safe havens”. Bitcoin’s “safe haven narrative has almost completely fallen apart as the rising possibility of military conflict and the worsening U.S.-Russia relationship puts the wider financial market in risk-aversion mode,” Yuya Hasegawa, crypto market analyst, expressed a similar view.
Pessimisticism in cryptocurrencies was soon responded to by bitcoin’s and other cryptocurrencies’ rebound in the second half of last week. On Feb 24, following the US’ new sanctions on Russia, bitcoin climbed 1.7% higher to $38,262.21, according to Coin Metrics. A CNBC article believed that the cryptocurrency rebound is also partially due to a short squeeze. The article quoted Vijay Ayya that ”market participants generally went short bitcoin to protect downside risks”, calling this a “defensive positioning essentially”.
Indeed, cryptocurrencies’ volatility in the past week could be seen as a reflection of the market expectation that the prices would drop and hence be prone to short selling. With the Russia-Ukraine crisis unfolding and the stumbling becoming more regular and predictable, cryptocurrencies’ risk aversion mechanism will play out.
The crypto community’s efforts to aid Ukraine have restored confidence in cryptocurrencies. The confidence is further embraced when cryptocurrencies are center-staged in Ukraine’s crowdfunding efforts. On Feb 25, Ukraine’s official Twitter account, as well as an account belonging to the country’s Vice Prime Minister Mykhailo Fedorov, released the crypto wallets to receive donations around the world. According to CoinDesk, as of Feb 28, the Ukrainian government received $20 million in donations in cryptocurrencies, with more than $3 million received in less than 24 hours.
Tomicah Tillemann, the global policy chief for Katie Haun’s new crypto fund, said to Bloomberg that “wire transfers that are used to send money overseas can be expensive, slow and unreliable, which is why crypto donations are useful in this situation”. This was seen by crypto entrepreneurs and backers as the moment cryptocurrencies shine, signaling a strong stance for cryptocurrencies in the coming weeks.
About MoonXBT
MoonXBT is the world’s first social cryptocurrency trading platform, with headquarters in the Cayman Islands and offices in Singapore, Hong Kong, Malaysia, South Korea, Japan, and Vietnam. At present, MoonXBT provides contract trading, social interaction, and one-click copy trading services for global traders and is committed to building a closer blockchain ecosystem. For more information, please visit www.moonxbt.com