Orlando Merone, Bitpanda Country Manager for Italya, with the traditional weekly appointment, highlights what it is the current state of financial markets and cryptocurrencies following the geopolitical and economic events of the last few days. Here are the details.
Bitpanda’s point on the state of financial markets and the world of cryptocurrencies
The war between Russia and Ukraine is having a significant effect on the financial markets, points out the manager of Bitpanda, as well as the cryptocurrency sector has to deal with this trend. Bitcoin continues to register “roller coaster” movements with constant fluctuations. Meanwhile, Ethereum also exhibits a similar performance.
Also noteworthy is the collapse of Solana. Meanwhile, we report an executive order from the American president, Joe Biden, on cryptocurrencies which, the Bitpanda manager underlines, represented a highly anticipated event by the markets. The measure aims to ensure responsible innovation in cryptocurrencies by taking into account the competitiveness of the United States and financial inclusion.
Default risk for Russia
Fears of a default for Russia are growing. The stock market remained closed for the third consecutive week, with few exceptions. According to Kristalina Georgieva, director general of the International Monetary Fund (IMF), currently the country’s default is not an unlikely event due to sanctions by Western countries.