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War Spurs Crypto Activity in Russia and Ukraine, Chainalysis Reports – Bitcoin News




The bloody conflict that began with Russia’s attack on Ukraine has led to an increase in crypto-related activity in both countries, according to Chainalysis. Fiat inflationary pressures and sanctions have led to a significant spike in transaction volumes this year, the blockchain forensics firm found, while Eastern Europe as a whole has maintained its role in the global cryptocurrency ecosystem.

Russians and Ukrainians turn to cryptocurrency amid consequences of escalating military clash

In an excerpt from the upcoming 2022 Crypto Geography Report, Chainalis said that the Russian invasion of Ukraine and the ensuing military conflict that is currently escalating has affected all aspects of life in the two countries, and cryptocurrencies are no exception. Citizens of both countries felt the economic impact of the war and suffered from high rates of inflation.

Shortly after hostilities began in late February, Russian and Ukrainian cryptocurrency transfers saw an increase. Trends in the following weeks and months varied, and while Russian transactions fell in a relatively narrow range, they may have been affected by Restrictions on servicesUkrainian transactions rose steadily until June.

Tottenham War Crypto Activity in Russia and Ukraine, Chainalysis . reports

In March, immediately after the outbreak of the war, the volume of trade denominated in Ukrainian hryvnia jumped by 121% to 307 million dollars, while the volume of trade denominated in Russian rubles increased by 35% to 805 million dollars. “Then we see volumes decline in both countries, ebb and flow during August, but never reach their highest levels in March,” the study authors noted.

Center Currency controls Under Kyiv’s martial law, including restrictions on cash purchases in US dollars or euros and transfers abroad, some Ukrainians may have been looking to exchange their hryvnia holdings for cryptocurrency, according to Tatiana Dmitrenko, a senior adviser at the Ukrainian ministry. Finance and a member of the Digital Asset Task Force of the World Economic Forum. Cryptocurrency trading volumes fell when these measures were eased in July.


Chainalysis quoted a money laundering specialist who commented on similar activity in Russia, where currency restrictions have also been implemented. “The main question not only for the oligarch but also for ordinary Russians is ‘How do you get money from Russia?’” said the expert, who chose to remain anonymous. “Many are starting to look for new places where they can exchange their cryptocurrency,” he added, citing the United Arab Emirates, Turkey, Kazakhstan and Georgia as jurisdictions where Russians can find such services.

While according to the researchers, the cryptocurrency markets barely have enough liquidity to support the systematic evasion of sanctions, it is possible that the cryptocurrency plays a role in financing Russia’s foreign trade, after its banks were excluded from the global payment messaging network SWIFT. The expert pointed out that the Russian Central Bank recently agreed To legalize cross-border crypto payments settlements Some companies may have already started Use digital assets for such transactions. In his opinion, stablecoins are more likely to be preferred as a medium of exchange because they are not as volatile as Bitcoin.

Eastern Europe holds a 10% share of global crypto transactions, sequence analysis data show

Overall, Eastern Europe is the fifth largest cryptocurrency market with $630.9 billion received on-chain between July 2021 and June 2022, which is just over 10% of global transaction activity during that period, according to Chainalysis. The company explained that “the comparative role of the region in the larger cryptocurrency ecosystem around the world has remained surprisingly consistent over the past few years” while other regions have seen more volatility.

“Risk and illicit activity still stands out when we look at Eastern European activity across the chain: high-risk exchanges – those with no or low KYC requirements – account for 6.1% of transaction activity in the region,” the report further notes. According to aggregated data, more than 18% of all cryptocurrencies received in Eastern Europe come from addresses linked to risky or illicit activity, more than any other region, according to Chainalysis.

Tags in this story
ActivityAnd the decompositionAnd the conflictAnd the cipherAnd the coding activityAnd the Crypto assetsAnd the Crypto PaymentsAnd the Cryptographic parametersAnd the CryptocurrencyAnd the CryptocurrencyAnd the CurrencyAnd the Eastern EuropeAnd the EconomieAnd the FiatAnd the inflationAnd the regionAnd the ReportAnd the restrictionsAnd the RussiaAnd the PenaltiesAnd the stablecoinsAnd the TransactionsAnd the UkraineAnd the war

Do you expect crypto activity in Russia and Ukraine to increase further if the military conflict between them deepens? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, international politics and economics are other sources of inspiration.

photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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CRO price (Kronos) pumped over 12% why this could be the start of a bigger rally




CRO price started a fresh increase from the $0.062 support area. The Chronos bulls are now targeting a strong move towards the $0.094 level in the near term.

  • CRO price started a decent increase above the $0.065 resistance against the US Dollar.
  • The price is trading above $0.070 and the 100 simple moving average (4 hours).
  • There was a break above a major descending trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair (data source from Coinbase).
  • The pair could continue rising towards the $0.080 and $0.094 resistance levels.

Chronos CRO Price Eyes Fresh Rally

In the past month, Kronos price found support near the $0.0615 area against the US Dollar. CRO formed a base above the $0.0615 and $0.0620 levels before starting a fresh increase.

There was a clear move above the $0.0650 resistance area and the 100 simple moving average (4 hours) to move into positive territory. Besides, there was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair.

The price is now trading above $0.070 and the 100 simple moving average (4 hours), outperforming bitcoin And the raised. On the upside, an immediate resistance is near the $0.074 level. It is close to the 23.6% Fibonacci retracement level of the main decline from the $0.131 swing high to $0.0568 swing low.

The next major resistance is forming near the $0.080 area. If there is an upside break above the $0.08 resistance, the price could start another strong increase.


source: CROUSD on

In the mentioned case, the price could steadily rise towards the $0.094 level. It is close to the 50% Fibonacci retracement level of the main drop from the $0.131 swing high to $0.0568 swing low.

Limited dip in CRO?

If CRO price fails to rise above the $0.074 and $0.080 resistance levels, it might start a bearish correction. There is an immediate support on the downside near the $0.07 level.

The main support is near the $0.0650 level and the 100 simple moving average (4 hours). A break-down below $0.065 could open the doors for a fresh decline towards $0.062. The next major support is near the $0.060 level.


Technical indicators

4-hour MACD – The MACD for CRO/USD is gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for CRO/USD is now overbought.

Key Support Levels – $0.070 and $0.065.

Key Resistance Levels – $0.074, $0.08, and $0.094.


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Bitcoin Analysts Eyeing USD Weakness as BTC Price Struggles Against $17K




bitcoin (BTCThe bulls tried to reclaim $17,000 in the Dec 4 weekly close as it looks like volatility will return to the market.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bollinger Bands ask for bitcoin price volatility

information from Cointelegraph Markets Pro And the TradingView Show BTC/USD crossed the $17,000 mark – a pivotal point throughout the weekend.

With the macro signs still emerging, Bitcoin looked for catalysts as signs of volatility crept into the lower time frames.

Among those eyeing a potential break with the status quo was famed trader Cheds, who pointed out The Bollinger Bands Volatility Indicator was flashing on the 4-hour chart.

Bollinger Bands signal that volatility is imminent soon, and on the day, the 4-hour chart’s bands are at their narrowest since November 27 – before BTC/USD surged $1,000.

4-hour BTC/USD candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

Meanwhile, fellow crypto trader Tony remained cloaked Bitcoin price theory in the short term.

“There is simply no change over the past few days,” he said Tell Twitter followers.

“We’re grinding more in the EQ/mid range, but I wouldn’t be surprised to see a fuse up for SFP modulation and dip back.”
Annotated BTC/USD chart. Source: Crypto Tony / Twitter

Previously, Crypto Tony Putting a mark $21,500 as a target should be his target if the bulls are to take control and change direction.

The US dollar index reverses the relief rebound

Meanwhile, the coming week seemed to be increasingly important for the US dollar and, accordingly, for the performance of risky assets.

Related: Bitcoin outflow has reached its highest level in 6 months, in a new threat to the price of bitcoin

already in lowest levels in five monthsThe US Dollar Index (DXY) definitely looked bleak at the end of last week’s trading.

A rebound to 105.6 on Dec 2 almost completely reversed on the day, with DXY ending at 104.5.

For technical analyst Gert van Lagen, it was all part of the plan, with DXY’s bearish signals showing even in November.


“Continued rapid decline would be normal here.” Wrote In an analysis on November 23 that he returned for the weekend.

US Dollar Index (DXY) candlestick chart. Source: TradingView

“The correction continues,” Stockmoney Lizards trading resource added About DXY performance.

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.