The classical financial market in recent days has depreciated significantly the Russian national currency as the currency of national circulation in Ukraine, and paradoxically the same negative behavior has had the dollar.
However, this scenario experienced by the classic financial market is very different from the one experienced by the Bitcoin, if we take into account that it has strengthened against these markets despite being in a sideways accumulation zone.
Having contextualized both scenarios, let us return to the war, but first I must say that war conflicts have many fronts, as well as victims but also heavy economic losses, and in the case of Russia and Ukraine the human and material damage is already being felt.
In geopolitical terms, Russia would theoretically have a lot to lose, if we consider that countries that disagree with the war can use sanctions as a diplomatic tool because the dollar is the world currency and is used in payments around the world.
The above favors the cryptocurrency market, as digital currencies have the potential to lessen the impact of sanctions, furthermore this counts as the first global impact war to take place in the cryptocurrency arena, additionally Russia is responsible for a respectable percentage of the world's cryptocurrency mining.
Therefore, it is to be intuited that in the face of the scenarios financial sanctions to Russia the crypto market could be favored considerably, since one of the ways in which Russia could avoid international economic blows, is if it finds ways to trade cryptocurrencies without touching the dollar or any other classic currency.
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The cover image was designed by the author: @lupafilotaxia, incorporating image: Bullfrag
