With the US President Joe Biden's announcement of sanctions against Russia, it was seen that the recovery in the crypto money markets accelerated. After falling to $34,000 on the same day, Bitcoin found a balance at $38,000 after rising to levels close to $40,000 in the hours of the announcement.
While the USA decided to block the accounts of Russia's five largest banks, it decided to freeze all its assets in the USA exceeding 1 trillion dollars. US President Joe Biden, while considering the possibility of Russia's removal from the international payment system SWIFT, said that US sanctions exceeded this decision. However, it was stated that the US and the G7 countries agreed to limit Russia's trade in US dollars, euros, pounds sterling and yen. The US also intends to limit Russia's high-tech imports and block the country's access to technology products and technology.
One of the assumptions about the rapid demand for cryptocurrencies after Biden's sanctions announcements is seen as the disappearance of the uncertainty environment to some extent. The first concrete reaction after the negatively priced Russian operation may be one of the factors that triggered the rise.
Cryptocurrencies were not the only emerging market at the time of the US president's statements. While it is seen that the US stock markets closed the day positively, the S&P 500 and the Nasdaq, which includes the technology-heavy stocks, saw increases of 3 percent.
The statements that the USA will impose sanctions on 5 big Russian banks may have been interpreted as an increase in the use of crypto money among investors. In this case, it may be one of the factors that trigger the market participants to buy. On the other hand, some experts reveal the possibility that Russian rich people may turn to cryptocurrencies because of their concerns that their accounts will be seized.
In the current war environment, Russia has turned all its focus to Ukraine, while the recently discussed crypto regulations have been shelved. At the same time, the possibility of Russia changing policy and turning to cryptocurrencies in order to overcome this obstacle if the current sanctions become a financial obstacle that can go further is also among the talks.
While the conflict between Russia and Ukraine is expected to continue, it seems too early to talk about whether the risk has just disappeared despite the reaction buying in the global markets.
In the current environment, volatile movements in crypto markets are expected to continue. Although the general recovery movement yesterday prevented further losses, it is seen that the risks that may adversely affect the markets continue.