War puts BTC price to the test — 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts a new week in the shadow of a new geopolitical conflict — what are the main hurdles that investors face?
In what has become an unrecognizable macro-environment compared to even days ago, Bitcoin, like many other assets, is feeling the pressure.
Russia’s invasion of and subsequent war against Ukraine is wreaking havoc on global markets, and developments can upend sentiment within hours or just minutes.
The timing has hit Bitcoin, too — its “safe haven” quality is seeing a serious test, as investors look for safety and fiat bagholders look for an exit.
As the overriding influence this week, Cointelegraph takes a look at what might lie in store for Bitcoin in the short term as it holds up against complex and almost surreal macro events.
Five topics for BTC investors this week can be found below.
It goes without saying that the Russia-Ukraine conflict is the main driver of market performance this week.
The situation, having only arisen in its current form five days ago, remains in a state of constant flux — sanctions keep coming, both sides and their allies continue to knuckle down, markets react to new threats and probabilities.
Chief among them is Russia’s economy, which is bracing for turmoil on Monday. Stock trading has been pushed back to at least 3 pm local time, and the prognosis is bleak for its currency, the ruble, which is already trading at record lows.
Talks are scheduled to begin Monday, and any glimmer of hope could cause an about-turn in the short-term outlook and thus change the face of markets.
While uncertainty rules, however, everyone will be looking for the ultimate safe haven, and Bitcoin’s use — whether by ordinary Russians and Ukrainians or their governments — is already a talking point.
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