Maxis Are ‘Praying To The Bitcoin Gods’ As Ukraine Invasion Would Send Biggest Crypto Down 10%

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Last Updated on 20 February 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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The so-called Bitcoin maxis, influencers bullish on crypto, are all warily looking on while Bitcoin seems to test whether the $38-$40k level can hold (at the time of writing, Bitcoin trades at $38.3k) or whether we will go down once more this year.

Meanwhile the geopolitical tension over Ukraine continue to dominate the economic news cycle. Investors are still pouring money into crypto for the long term though, with hedge fund firm Sequioa Capital earmarking some $500 million for investment into various altcoins.

“We have a long-term view on crypto that it’s a megatrend over the next 20 years,” declared Sequoia Partner Shaun Maguire in Bloomberg. “It’s the future of money.”

Profiting from by cheap electricity, Siberians have started engaging into DIY crypto mining as the Financial Times reported, just like their neighbors in Kazachstan.

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Ukraine invasion sends Bitcoin down 10%

Earlier this week, Edward Moya, an analyst at Oanda declared to US business media outlet Marketwatch that:

Bitcoin is the ultimate risky asset, and a Ukraine invasion would keep crypto selling pressure going another 10-15% over the short-term.

In other words, that would mean a retest of the $30k level probably, as well as a bear market for global stocks. However it would also come with crippling economic sanctions for Russia.

Overall, Moya remained optimistic for crypto markets though, stating:

The outlook for bitcoin remains mostly bullish, but if long-term growth prospects start taking a bigger hit from aggressive Fed tightening, institutional investors might scale down their bets.

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